Getting a comparison life insurance quote is faster and easier than ever, thanks to the Internet.Â There is no need to visit each company's site separately and get one quote at a time.Â With just a few clicks, you can view all policies and rates and compare them to see which one is the best deal for you.
For any online life insurance quote, you are going to need essentially the same information before you get started.Â You won't want to start shopping until you have done some initial preparation, because you will find that you need to keep stopping to figure things out as you go along.Â Before you even log on to your PC, sit down with a pad and pen and jot down any pieces of information that you don't have committed to memory.Â You will also need to make notes later for more involved questions.
Basic Personal Information
Most insurance companies will ask you for these basics:
- Date of birth.Â How far you are from the average life expectancy affects your premiums.
- Gender.Â Life expectancies vary slightly between men and women.
- Marital status.Â Believe it or not, marital status affects life expectancy as well.
- Smoking history.
Financials and Other Variables
That's the easy part; you will also want to do some figuring for the more important variables.Â You will probably want to consult with your spouse as well.Â Here is some financial data that you will want to make note of:
- Number of dependents.
- Ages of dependents.Â How long after your death would your children be dependent upon your surviving spouse for support?
- Annual salary.
- Spouse's salary if your spouse works.
- Spouse's age.Â How long might your spouse live beyond your death?Â What if you were to die this year?
- Annual household expenditures.
- Investment income such as real estate investment income and Forex investment income.
- Investments such as 401(k) accounts, IRAs, and savings bonds.
- Home equity.
- Debts such as loans and credit cards.
- Other financial obligations such as alimony and child support.Â (Normally these would stop with your death, but you might want to consider the people affected by this as well.)
Look to the Future
While it isn't pleasant, you really have to have an honest discussion with your spouse about what he or she will need when you are gone.Â Death is a fact of life that we all must face.Â Avoiding it only increases your anxiety; accepting it and planning for it frees your mind from worry.Â Ask yourself these questions to see how much your policy needs to be worth:
- What are your projected funeral and burial expenses?
- Are dependents in college or college bound?
- If spouse does not work, does spouse have skills for potential employment?
This by no means an all-inclusive list; rather, it is meant to get you thinking about the kinds of issues that you need to consider.Â All of the information that you have gathered according to this article, along with any other issues that you think of, should be considered when deciding on the bottom line:
- How much life insurance do you need?
Once you have determined this factor, you are ready to start shopping for your comparison life insurance quote online.