Are Online Life Insurance Quotes Really Accurate?

By James P. Tobin, CFP®

Critical  Takeaway's

  • Only 10% of applicants are Preferred Plus- the rating most commonly advertised of radio and television
  •  Quote tools are accurate as long as the rating used is correct
  • Applicant's with health concerns should use the custom quote

Expert Review Of  Online Life Insurance Quotes 

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Workers Bequest Life Insurance, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

If you have ever (or often) wondered whether online life insurance quotes are really accurate, you have landed in a good spot. This article discusses the pro's and con's of  online quote tools and how to get the most out of them.

However, before reading about the accuracy of online life insurance quotes, please take a quick pea at this video explaining the most common mistakes that life insurance buyers make and how to avoid them. Avoiding these mistakes could save you thousands of dollars over the life of your policy.

The Pro's & Con's Of Online Life Insurance Quotes

The output of the quote tool to your right is 100% accurate for the health classes given. The tricky part is that we are not all in perfect health. In fact, the percentage of applicants who receive the best health rating available is under 10%.

 Because different carriers look at each category of health concern differently, there is no way to know with certainty what your classification will be with a particular carrier.

If you are navigating pre-existing health conditions, it is recommended that you speak directly to an agent rather than guessing with a quote tool that will not distinguish how a carrier looks at that particular risk. Workers Bequest also provides a custom quote form to speed the process.

Remember that the key to getting the best rate is going with the company that looks at your situation in the best light.

If however, you are in good health and want to start on your own, (as with any online quote service, you will eventually have to speak with a licensed agent), please read the tips below.

Will I Get The Rates I See Advertised On Television?

Hopefully yes, but statistically unlikely. This question is the ugly step sister to the question "are online life insurance quotes really accurate"?

The television ads you see are little more than bait and switch. That is, they show you the rate for the best underwriting class available, knowing that most will not qualify at these rates.

If you do qualify for the best rate class , that is great. However, take a pencil and jot down the pricing multiple classes so that you have real numbers to work with regardless of underwriting class.

You can adjust the policy to fit your budget once health underwriting has been done.

Tips for Using the instant online life insurance quote tool

Stick with carriers with A- or better financial ratings. You're going to be with them a long time, so pick one that will stick around. Workers Bequest Life Insurance makes this easy as we only offer top-rated carriers in, all but the most extreme, cases. 

Annual rates are less expensive than monthly rates, check them both ways and decide what makes more sense for your budget.

Choose a carrier that has e-signature . This will allow you to complete the application and sign the policy with out appointments or mail.

Term life rates are the same no matter where you go. We all use the rates published by the State Department of Insurance. So don't bother jumping around from site to site, just call us or send a message in the contact form. Additionally it makes little sense to go directly to a carrier as you lose choice and don't save any money. This is explained on our home page. 

As stated earlier, if you have health concerns you should speak directly with an agent. However, if you want to get started right away and are taking medications, you should heed the following advice.

Maintenance drugs for high cholesterol and blood pressure may not prohibit a preferred plus rating. However, other health concerns will likely leave you at preferred/standard plus or standard. A rule of thumb is to quote at standard and hope to be pleasantly surprised.

Insurance underwriting will also look at your family history for stroke,cancer and heart disease prior to age 60.

Additionally, carriers will look at your lifestyle choices. Jumping out of airplanes or getting DUI's tend to raise rates. Lastly don't forget to mention anxiety or depression that has required treatment. The carrier will have access to this information so you need to be upfront with your agent to get an accurate quote.

Your Next Step

Now you know the answer to the question "are online life insurance quotes really accurate".

 The instant life insurance quote tool can be helpful in giving you an idea of where you stand. However, if you have any health concerns please call. Experience and knowledge are our most valuable assets, use them to your best advantage!

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