How to Get the Best Life Insurance Quotes

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Contributor, Benzinga
February 7, 2022

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Finding affordable life insurance doesn’t need to be an impossible task. By taking some steps to understand how life insurance providers create quotes, you’ll be able to easily find a policy that fits into your budget. 

From improving your health and quitting smoking to getting multiple quotes from competing insurance providers, a bit of planning can save you hundreds or even thousands of dollars when you shop for life insurance. Learn more now with Benzinga’s guide.

When Should You Get a Life Insurance Quote?

The decision of when to buy a life insurance policy is an individual one. As a general rule, you should consider buying life insurance as early as you believe that your beneficiaries will need it. For example, you may want to consider buying a life insurance policy when you have a child or when you sign onto a mortgage loan.

The following are some additional considerations you should take into account when you think about when you should buy life insurance.

  • Buy when you’re young: No matter if you’re shopping for term life insurance or a whole life policy, you should begin shopping for life insurance when you’re younger. As you age, you’re more likely to develop health conditions that increase the possibility that your life insurance provider will need to pay out your death benefit to your beneficiaries. This means that life insurance providers extend the most affordable rates to younger applicants. If you think you might want to purchase a life insurance policy, consider buying early to lock in the most affordable rates.  
  • Seek out quotes as soon as you can buy: Getting quotes from multiple life insurance policy providers is one of the best ways to ensure that you aren’t overpaying for your coverage. Every life insurance company uses its own unique underwriting process, meaning that it’s possible to find two policies with nearly identical terms and death benefits at two totally different prices. Begin looking for life insurance quotes as soon as you know which type of policy you want to purchase to find the best rates.
  • Don’t be afraid to purchase multiple policies: Though it may sound redundant, there are some instances where you might want to consider purchasing multiple insurance policies. For example, if you want to gain the affordability of a term life insurance policy but you also want to access the cash value portion of a whole life policy, it can be economically effective to purchase a term policy with a high death benefit and a whole life insurance policy with a low death benefit. This allows you to balance premium expenses while also giving you the opportunity to maximize the benefits of your cash value by overfunding your whole life insurance policy. Don’t be afraid to ask your broker if it would make sense to purchase more than one policy based on your unique saving and investing goals.
  • Upgrade your insurance as you become more successful: Your life doesn’t remain stagnant — which means that your insurance needs won’t stay the same throughout your life either. You should regularly reassess your life insurance policy and your family’s needs as your life changes. Whenever you have a major life change (for example, having a child, buying a home or seeing a child off to college) you’ll want to evaluate your current coverage to be sure that it fits the current needs of your beneficiaries. 

How to Get the Best Life Insurance Quote

Life insurance can be expensive — but it doesn’t need to be if you take steps to find the best possible policy. Use these tips to learn more about the factors that contribute to life insurance pricing and how you can save. .

  • Stay healthy: Life insurance companies often require that you undergo a medical exam before they issue you a policy or set your premiums. This medical exam is similar to the physical that you receive from your primary care provider each year and may involve bloodwork and reflex tests. You can secure the lowest possible rates on your coverage by caring for your health, which will be reflected in your bloodwork. Eating a balanced diet, maintaining a healthy weight and exercising for at least 30 minutes most days of the week are all steps you can take to improve your health and decrease the amount of money you’ll spend on your life insurance policy.
  • Stop smoking: Smoking is one of the single most detrimental things that you can do for your health. Smoking drastically increases your chances of developing cancer in your lungs, throat or mouth, and it can also cause serious damage to your cardiovascular system as well. Smoking negatively affects nearly every organ system in the body, ranging from your skin to your liver. Life insurance companies know this — which means that smokers pay much more for their life insurance when compared to their non-smoking peers. Some life insurance companies even consider smoking to be a disqualifying condition, meaning that smokers cannot get a policy at all.

Quitting smoking isn’t only great for your body — it can also help you find the most affordable rates on insurance. If you aren’t a smoker, you might want to take a look at your eating and drinking patterns to see if there are any bad habits that you can afford to change. 

Drinking alcohol responsibly, avoiding the use of drugs and eating a diet that’s low in sodium are all steps you can take to improve your health and lower the cost of your life insurance.

  • Do your research: Comparing multiple life insurance companies is one of the easiest steps you can take to find the best policy. Be sure to get at least three quotes from competing life insurance providers before signing onto a policy to ensure that you’re getting the best rate.
  • Pay annually: Some life insurance providers offer discounts to customers who pay a year’s worth of their premiums in a single lump sum. If your insurance provider offers this choice, consider doing so if you can afford it.
  • Joint policy: Joint life insurance policies cover two people but only pay a single death benefit when one of them dies. This can be an ideal choice for spouses or domestic partners who depend on one another’s income. Joint policies can also make life insurance more affordable for a couple when compared to the cost of two individual plans.
  • Choose term life over permanent life: If you’re looking for the most affordable life insurance policy, you’ll want to choose a term life insurance policy. Term life insurance doesn’t guarantee a death benefit for your beneficiaries, which means that they’re less of a financial risk for the insurance company issuing the policy. Though you won’t be able to use your life insurance policy as an investment vehicle, purchasing a term life insurance policy is significantly more affordable and accessible for most people. 

Speak to an Agent

Are you feeling overwhelmed by all this information? If you don’t have the time to search for life insurance quotes on your own, you may want to consider working with an insurance broker. Insurance brokers will do a large percentage of the work finding a policy that fits your needs, and they can help you find choices tailored to the individual needs of you and your beneficiaries. 

Compare Life Insurance 

Not sure where to begin your search for the best life insurance company? Benzinga offers insights and reviews of the following providers. You may want to consider starting your search using the links below. 

How to Find the Cheapest Life Insurance 

There are plenty of steps that you can take to find affordable life insurance quotes. Eating a balanced diet, losing weight, monitoring your cholesterol and blood pressure and quitting smoking are all amazing steps to take, regardless of whether or not you’re looking to get an affordable life insurance policy. 

However, these healthy habits may take a while to show up on a medical exam and affect your life insurance premiums.

Sitting down and collecting multiple quotes is an instant way to find a life insurance policy that’s within your budget. Getting a quote for life insurance takes as little as a few minutes—and you have no idea how much you might be able to save until you understand your options. 

Frequently Asked Questions


What are the advantages of term life insurance?


Term life insurance comes with a number of benefits, especially if you know that you only need coverage for a specific period of time. Because your death benefit is not guaranteed to be paid out, term life insurance policies are significantly more affordable than permanent life insurance. 

You can also adjust your term life insurance policy to fit your unique needs — for example, purchasing a term policy that ends when your mortgage is fully amortized to ensure your family can stay in their home. 


Do you need a broker to issue a life insurance quote?


No, you do not need to work with a broker to purchase a life insurance policy. However, choosing to work with a life insurance broker can make the process of finding a more affordable policy easier and less time-consuming on your side.  


Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.