Getting a life insurance quote allows a person to see how much coverage would cost before committing to a policy. Ultimately, pricing can vary dramatically based on several factors, including age, gender, location, current health conditions, occupation, covered term, coverage type, and more. For example, 70 year olds may see costs that are well over 1,000% higher than rates for 30 year olds.
Still, if you want to join the estimated 52% of Americans with some form of life insurance, that process typically starts with a quote. Here’s an overview of how life insurance quotes work.
What Does the Quote Process Look Like?
The life insurance quote process is relatively straightforward. Typically, it begins with an application. You’ll provide specific information about yourself. Then, the insurer will assess those details to determine if you qualify for a policy and the rate it will charge for providing the coverage.
Whether the quoted price is what you’ll ultimately pay can change. Some life insurance providers have subsequent steps you’ll complete after an initial estimate is provided, such as a required health exam. In those cases, a second quote is potentially presented after the initial one, allowing them to account for variances in the information provided and the results of the health screening. Others don’t offer a quote until the exam occurs, which can lengthen the timeline for even an initial estimate.
What Information Do You Need to Provide to Get a Quote?
During the life insurance quote process, you need to provide personally identifiable information (PII). Along with your name, date of birth, address, phone number, and email address, you’ll need to supply a Social Security number and government-issued ID number.
Occupation data is also required, as a person’s job can increase their risk of certain life-altering conditions or incidents. Insurers usually ask about marital status and request some financial information, such as your annual income level and net worth.
Applicants also need to answer lifestyle questions, particularly those relating to health. Providing information about tobacco, alcohol, and illicit substance use is required. There are also questions about past convictions, hobbies, and travel habits.
Finally, health questions are a significant part of getting a life insurance quote. You’ll likely need to provide your height and weight, talk about your family medical history, discuss known health conditions, and provide information about your primary care doctor. Consenting to the release of health information is also necessary, and you’ll typically need to undergo a health exam.
How Long Does It Take to Get a Life Insurance Quote?
Getting a life insurance quote can take anywhere from a few days to several weeks, with some timelines taking more than a month. The most significant factor when it comes to the time required is the medical exam. The availability of appointments with an approved health screener can vary.
However, some life insurance providers can offer a quote in as little as a few minutes. Usually, whether that’s available depends on whether the insurer feels a medical exam is necessary based on the information provided in the application and the total amount of coverage requested.
