How to Compare Life Insurance Plans

Published March 10, 2023

NEW YORK, NY / ACCESSWIRE / March 10, 2023 / Aflac: With many different life insurance plans to choose from, choosing the right one can be a challenge. It can be helpful to have a list of factors to consider when comparing different policies, such as policy type and life insurance cost. Taking time to compare these factors will help you narrow down a life insurance policy that's suitable for you.

Compare policy types

The two main life insurance policies to choose from are term life insurance and permanent life insurance. A term life insurance plan lasts for a specific time period, often from 10 to 30 years, and will only pay out a death benefit if your death occurs during that time. A permanent life insurance plan lasts for the insured person's lifetime (as long as the premiums are paid), guaranteeing a death benefit payout to the beneficiaries. Term life insurance is usually the more affordable policy while permanent life insurance plans typically offer cash value and potential dividends. Your current financial needs and life circumstances can help you determine what policy type is best for you.

Compare costs

The cost of life insurance will usually depend on your age, gender, medical history, occupation, and other factors. Many insurance companies will give you a free quote on their website. You can visit multiple insurance company websites to get quotes or you can find a website that provides quotes from several companies. Another way you can get different costs to compare is by contacting a local independent agent who sells policies from multiple insurers.

It's important to get quotes from different insurance companies, given that the costs can significantly vary. When comparing quotes, make sure you're comparing each company based on the same level of coverage you're seeking. As an example, if you're seeking a $200,000 policy, you would compare the rates that each company offers for that amount. Be mindful that just because a life insurance company offers the lowest premium, it doesn't mean it's the most affordable.

Check for any additional fees that may be included in the cost of the policy and note if any of the life insurance companies offer additional features for free. Remember that the quotes are only an estimate. The final cost of your policy won't be determined until you've submitted your application and completed any health requirements.

Compare coverage amounts

Some life insurance plans will offer a higher death benefit to your beneficiaries than others. Keep in mind that with a higher death benefit, you'll often be paying a higher premium. Determining how much you'll need will depend on what financial costs will need to be paid for after your death. Many financial experts recommend that you aim for policies that are at least 10 times your current yearly income.

Compare reviews

It's a good idea to investigate what other customers' experiences have been with the life insurance company and plan you're considering. Search for the company through the Better Business Bureau to find their current rating and read reviews from past customers. Look for any concerns or complaints that customers have had with their plans. J.D. Power, a consumer research firm, also releases yearly rankings on the best life insurance companies. Considering all these factors will help you in choosing the best life insurance plan for your needs.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.

Aflac insurance coverage is underwritten by Aflac. In New York, coverage underwritten by Aflac New York.

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