Life insurance for baby boomers and for those who are retired is a complex subject. There are several different life insurance strategies available to those who already have a policy. In some cases, it might be necessary for estate planning reasons for a boomer to buy new life insurance. Or, you might want to replace a whole life policy with term coverage if you still have kids in college that you are supporting.
I prefer to look for at least the initial information about insurance and other financial products online. It is easier and less stressful than confronting and resisting a sales pitch from an eager life insurance salesperson.
Finding Life Insurance Cost Information Online
I am familiar with several online resources for obtaining premium quotes for life insurance policies.
iQuote is a site that is dedicated to term life insurance information and quotes. After entering some basic information about yourself, you can instantly receive up to five term life insurance quotes from top-rated carriers. There is no obligation or cost involved in obtaining the quotes. If you are interested in applying for coverage after seeing the quotes, you can request an application online as well. All of the iQuote policies are probably going to require full underwriting, including a medical exam.
There are some sites where you can apply for and instantly obtain up to $500k of term life insurance without a medical exam. One example is eLifePolicy.com where you can even pay for and print your new policy from the web. Just keep in mind that most of these sites are operated by only one carrier.
A second site for low cost term life information is insure.com which has information about a wide variety of insurance policies. Just be prepared to be contacted by an agent if you request a quote online.
If you want to contact a life insurance agent in person, most experts will suggest that you find an independent agent that represents multiple companies. A convenient way to find an agent in your area is through the Independent Insurance Agents & Brokers of America.
Find Other Life Insurance Information Online
With all that has happened in our financial markets, it is more important than ever to investigate the financial health of an insurance company before purchasing a policy. There are two well-known sources of insurance company ratings, A.M. Best and Standard & Poor’s. Definitely check those ratings before writing the check.
Finally, for more basic consumer information about life insurance in general, there are at least two good online resources. The first is the American Council of Life Insurers. The other is the Insurance Information Institute.
Please leave a comment with any other relevant online life insurance sites that you are aware of.