Life Insurance Needs Calculator
We’re sometimes asked about price quotes that customers receive when they are considering a life insurance policy, and whether the dollar amount quoted is binding.
While a majority of quotes are consistent with the final price, that quote is not guaranteed until all the underwriting guidelines are fulfilled. A quote is considered a good faith estimate of what you submit when applying for life insurance, but you should know that the final cost will be based on documentation that is submitted and areas reviewed.
Typical areas that underwriters look at include medical history, height, weight, cholesterol, driving record, family history of certain conditions such as heart disease and cancer, participation in hazardous sports, and more.
While the quote you are given is the most accurate and realistic proposal possible based on information you provide directly talking with an agent or whether it is through the internet, it should be understandable that it will also need to be verified.
If you do not receive the rate that had been initially quoted, the company will generally offer an alternative along with an explanation. At that point, it is up to you as the consumer to accept or decline the coverage. There is no cost to submit for a quote and then decline coverage.
At CompassQuote, we use our experience and training to lead you to the right decision for you and your family to get the term life insurance information you need and want.
Albert is a term life insurance expert and provides great insight for people looking to get the most out of their life insurance policy.
