Keep These Things in Mind to get an Accurate Term Life Insurance Quote

Jul 05, 2018 | 4 months ago | Read Time: 3 minutes | By iKnowledge Team

What do accurate term life insurance quotes mean?

Accurate quotes for term plans mean that you’re getting life insurance coverage which is within your budget and does not act as another financial burden. It also means that you do not need to run around to different agents and get second opinions or get the authenticity of the offered quote verified.

How to get a Good Term Life Quote?

When determining the policy cost of a term insurance plan, life insurers consider numerous factors to decide a term life insurance quote. Some basic information required by insurers are your age, gender, family medical history, whether you are a smoker or not, etc.  Factors like whether you enjoy any risky hobbies like adventurous sports, your medication intake etc are also considered. A 100% honesty and doing all the needful research is considered best to get the best possible term life insurance quote for yourself. After all, it is ideal to be protected always rather than investing in something which becomes futile in the long run.

To get a good term life insurance such as Aegon Life’s iTerm Plus which suits your needs, consider the following tips:

Tip#1: Accuracy is a Must

Be honest and authentic about your information on the application form. Why? Because providing any false information can directly lead to cancellation of the policy. More so, all insurers require medical exams and follow it by a verification process to confirm the authenticity of the information.

Tip#2: Compare Prices from Different Insurers

There are a variety of quotes available online. How do you know which one is best suited for you? For this compare term life insurance quotes online for different prices. Sometimes the price for the coverage might differ from one insurer to another for several factors. Take these factors into consideration and get a quote which suits you best.

Tip#3: Understand the Policy

Before you purchase a term insurance policy online, make sure you are thorough with the policy. The term life insurance quotes usually take a big jump after a certain amount of coverage. Understand the benefits required by you and play around with numbers to see if you can get more coverage for a minimal extra cost.

Tip#4: Life Stage and Number Of Family Members

The number of dependent family members varies at different stages of life. It is understandable that the financial responsibility of a single person is not as much as a married one with children. Based on the life stage you are currently at and keeping in mind with future financial responsibilities, choose the cover amount accordingly. 

Tip#5: Maintenance of Family’s Lifestyle

Along with keeping in mind the dependants, you should also consider the lifestyle of your family. For the continuity of the current lifestyle in the long-run, assess the number of funds required to sustain the current lifestyle. Don’t negate factors life inflation and accordingly choose a life cover amount.

Tip#6: Do Not Delay

If you think you need a term policy, it is probably the right time! Procrastinating this process does not benefit you in any way. Also, with age, the premiums take a hike considering the bandwidth of life expectancy. You can start by getting at least one term life insurance quote and requesting an application for the same. The time to protect your loved ones is now!

Tip#7: The Details of the Form

It is always good to be well prepared for term life insurance quotes. Here is a brief list of the things you’ll need to know to fill out the term life insurance application accurately and quickly:

  • Basic personal information like name, date of birth, address, age, etc.
  • Work profile along with leisure profile. This gives insurers an idea about your extra-curricular activities and an insight into whether you participate in thrilling activities.
  • Driving records
  • Medical information (both you and your immediate family’s)
  • Details of desired coverage required.

Now, that you are updated on how to get an accurate term quote for you, make use of our term insurance premium calculator to know how much you will need to pay approximately. Remember to insure your loved ones’ future with a wise decision today.

Advt. no.: IA/Jun 2018/4111


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