How to Shop for and Save Money on Your Life Insurance on Mint
Who doesn’t like to save money on the basics in life?
With Mint’s online tools, you can compare the best offers on financial basics like a new credit card, a high-yield savings account, or your life insurance policy.
Mint has done the heavy lifting in vetting the trustworthiness of its financial service partners to make it easy for you to get the best offers available online.
Today we’ll look at how to save on your life insurance policy costs by doing your comparison shopping on Mint.
Easily Save Money by Shopping for Life Insurance on Mint
Let’s say you’re starting a business, adopting a child, or shopping for a new home. People often buy life insurance when they take on more financial responsibility in life.
The most common use for life insurance is to replace income that is vital to the functioning of a family or business.
Most of us don’t want to think about our business or life partner dying especially while we are dependent financially on them. Life insurance is a way to cover unexpected loss in life and gives peace of mind whether we are embarking on a new personal or professional stage of our life.
Many people consider buying term life insurance if they are getting married, starting a family, or taking out a business loan. The reason is that this type of life insurance is affordable, easy to buy, and will last only as long as you anticipate needing the coverage. That means you won’t be paying more in insurance than is necessary for that stage in your life.
Life insurance is More Affordable Than You Think
By looking at these average life insurance rates, you may notice that a) women pay less than men for the same coverage and b) that life insurance costs are based on:
- your age when you buy your policy,
- coverage amount you select, and
- how long your policy lasts.
Term life insurance policy rates are locked in for the lifetime of your policy. The younger you are when you buy your policy, the less you will pay for it.
Let’s look into one common term life insurance scenario.
Using Life Insurance to Cover a Home Mortgage
If you’re shopping for life insurance as part of a house or condo purchase, then a 30-year term life policy covering the cost of your mortgage would be a good choice.
Your coverage will only be needed for the duration of that mortgage, so you don’t need to pay extra for a permanent life policy that would last your entire life.
For a healthy, 30-year old female, a $500,000 term life insurance policy lasting 30 years costs on average $335 annually—that’s $28 per month.
Maybe you need life insurance to cover another life event?
Most people can buy enough term life insurance to cover their needs for much less than $50 per month.
The easiest way to check your pricing is to run some quick quotes without needing to share your contact info.
Mint has partnered with Quotacy to give you the option to research your pricing anonymously online.
How to Get Your Life Insurance Quotes at Mint
Wondering how much your life insurance policy would cost?
Check out your own estimated costs using Mint’s quoting tool powered by Quotacy.
It’s easy and you won’t have to share any personal contact information to get your ballpark quotes from more than 20 top-rated brands like Prudential, Mutual of Omaha, or Principal Financial.
Find the Life Insurance That’s Right for You
All you have to do is follow a few easy steps on Mint:
Ready to compare your term life insurance quotes with one-click on Mint? Just click here.
Answer a few simple questions about yourself to compare term life insurance quotes in minutes:
- What is your zip code?
- What is your gender?
- What is your birthdate?
- Do you smoke?
Click VIEW YOUR PRICE
Mint + Quotacy = Great Life Insurance
Mint partners with Quotacy, a leading life insurance broker based in Minneapolis, to sell life insurance nationwide.
Quotacy has licensed agents in all 50 states of the USA, so you can conveniently buy your policy online directly from your mobile phone, tablet, or computer—no matter in which state you live.
Need $500,000? No Problem.
The default setting for Mint + Quotacy’s quoting tool is a 20-year term life insurance policy with a coverage amount of $500,000.
That means that your term life policy will last 20 years and would pay out a $500,000 check to your family or business, if you would die anytime within those 20 years.
Need More Coverage? No Problem.
Compare the cost for a $500,000 policy ($17.11 per month) versus a $1,000,000 policy ($28.50 per month) easily right within the quoting tool by moving the sliders back and forth.
If you need even more life insurance coverage than one million, you can adjust the sliders to the right and increase your coverage amount.
Coverage as Long as You Need It
You can also adjust your life insurance policy length to last longer than 20 years.
Move the coverage length slider to the right to increase your policy length from 20 to 30 years, for example.
How Does Life insurance Pricing Work?
The nice thing about Mint + Quotacy’s quoting tool is that you can easily see how your choices about coverage amount and policy length affect the monthly pricing for your term life insurance policy.
If you move both sliders to the right, your price goes up because you will be increasing both your coverage amount (from $500,000 to $1,000,000) and how long your policy will last (from 20 to 30 years).
Buy What You Can Afford Now
If you move both sliders to the left, your price goes down because you will be decreasing both your coverage amount (from $1,000,000 to $500,000) and how long your policy will last (from 30 to 20 years).
If you know you can only afford $35 per month for life insurance, you can easily determine what you’ll get within your budget range just by playing with the quoting tool.
Get Quotes Easily and Apply Online in Minutes
This is a really handy feature when you sit down with your spouse (or business partner) to decide how much life insurance you need and can afford.
You won’t have to call different insurance agents to get a new quote as your discussions proceed. You can just play with the quoting tool again to revise your numbers.
How Much Life Insurance Should I Get?
Do some quick calculations to determine how much life insurance to buy.
How would your family or business use your life insurance money? What would they need to pay for after your death?
Jot down some notes like the following calculations:
- Mortgage loan ($328,000)
- Car loan ($14,000)
- Student loan ($25,000)
- Credit card ($8,000)
You can see that just to pay off your existing debt, you might easily need $375,000 in life insurance money.
If you add child care and income replacement to the mix, you can see why the most common term life insurance policy purchased in the USA often provides $500,000 coverage.
Get $50,000 More in Coverage for $1
By playing with the quoting tool slider, you can easily find out that it costs just an extra $1 per month for $50,000 more coverage.
The pricing for life insurance is in your control and how it works is made transparent just by using the sliders.
Compare Your Policy Options
After clicking COMPARE POLICIES, just answer four more questions to refine your life insurance quotes further and to see your policy options.
The next screens asks you to enter:
- Height and weight
- Smoking status
- Heart health
- Family medical history
From one screen, you can review all your quoted rates, along with:
- Company ratings
- Customer service features
- Policy rider options
- Quotacy’s advice
Life Insurance Made Simple
Thinking about death isn’t fun. But, it’s the right thing to do, especially if you’re worried about leaving your life or business partner with potential unpaid debt.
It’s easy to explore your options. If you’re ready to save money on your life insurance, easily do your comparison shopping using Mint + Quotacy’s term life quoting tool here.
The post How to Shop for and Save Money on Your Life Insurance on Mint appeared first on MintLife Blog.