At Life Ant we don’t provide you quotes from one company, we provide you quotes from multiple major providers. We allow you access to our pricing tool which instantly provides you accurate quotes from each company. Most people compare quotes in order to find the least expensive policy available for the amount of coverage that they need.
Life Ant Saves You Money By Comparing Quotes From Many Companies
Life Ant is a site that provides a tool that you can use to find affordable life insurance solutions for you and your family. By comparing quotes from many different companies, Life Ant allows you to find the lowest priced policy that will suit your needs. We source our quotes only from major life insurance providers, so you can feel comfortable knowing that even though we are helping you find the lowest price, the life insurance can be counted upon to be there if you need it to protect your family.
Why We Cost Less Than an Agent
When you compare life insurance quotes, you will almost certainly pay less than if you go directly to a salesman. A financial planner will always try to sell you insurance from their own company. Most financial planners are really life insurance salesman, for agents, and they only make money by charging you a premium. At Life Ant, we want to eliminate some of that premium by allowing you, the consumer, to look for your own policy by comparing rates. If you can view prices from multiple providers, you can proactively approach the company that offers you the best deal.
At Life Ant we believe that you deserve to understand the whole marketplace, so you can make sound financial decisions for yourself.
We Only Provide Term Life Insurance Quotes Online
At Life Ant, we believe that it is appropriate for the vast majority of people to purchase term insurance, rather than whole life insurance. We provide quotes for term life insurance, which is by far the least expensive form of life insurance on an annual basis. While some advisers recommend using whole life insurance as a portion of a client’s investment portfolio, we think that term life insurance is sufficient in most cases. Using term frees up other money for clients to invest in higher returning assets such as stock portfolios and mutual funds.
We only provide term life insurance quotes for our clients online because term life insurance is much easier to price. A whole life policy can be structured in many different ways, including becoming paid up after a certain amount of time or using dividends to offset premium payments. In order to get a quote for a whole life policy, or a universal life, or variable life insurance policy, you will need to speak to an agent. The reason for this is not to increase the pressure to buy a product, but because these are actually highly customizable forms of life insurance and we want to make sure that you get exactly what you want.
What You Need For a Quote
A quote is relatively simple to obtain. The information that you will be asked to provide includes:
- Your name
- What part of the country you live in
- Your age
- Your gender
- The amount of life insurance coverage that you need
- An estimate of your overall health condition
After providing these simple pieces of information, we will be able to provide your quotes. You can compare prices from different major providers, and choose to contact a specific provider if you wish, or request a call from one of our experts to help you get the policy you want.
How to Get a Quote on Whole Life Insurance
If you think that you may have a need for whole life insurance, or would like to discuss the possibility, please enter your information as if you are purchasing term life insurance. After returning quotes, choose the company(s) that you are interested in working with and contact them directly or ask them to contact you at your convenience. An experienced agent will be able to review your options with you after learning more about how you want to structure your policy. Life Ant specializes in making it extremely easy for you to compare quotes and get the best rate possible on your new life insurance policy.
Whole life insurance has many variable surrounding the policy setup, and it’s in all our clients’ best interest to work with a knowledgeable expert to make sure that they are getting exactly what they want. The reason that a quote for whole life insurance is not so simple is because oftentimes it is best for clients to over fund a policy in the early years to increase the dividend payment, for instance. The dividend payment can be used to purchase more life insurance (which may reduce your initial face amount needs and therefore your premium requirement) or you may use your dividend to pay your premium.
Some people use whole life insurance strictly for investment purposes, and they may have a plan to start draining the cash value at some point. There may even be tax advantaged strategies to the way you go about it such as getting tax free dividend payments, or purposely turning your policy into a MEC with no intention of ever taking the cash value out.
Because of all the inherent variables that exist with whole life insurance, you really need an expert creating your illustration. The illustration will provide a year by year outlook at the dividend and cash value, as well as the required premium payments. This is the best way to really understand your policy and make sure you are getting precisely what you need without paying for more coverage than you need, or not getting as much coverage as you can for the money.
As a side note, make sure that your whole life illustration shows you both the projected dividend payments and cash values, in addition to the minimum dividend payments and values. The minimum illustrated reflects a “worst case scenario” for your policy. It is unlikely that your policy will perform at the minimum, but it cannot legally perform worse. Make sure you understand it fully because it can be a little complex for people who aren’t used to seeing an illustration, but it is fairly easy to understand after it is explained.
What Does a Quote Look Like?
Here is an example of a quote comparison:
The insurance company is on the left, the middle shows the health rating, the insurance age, and some notes regarding either the company, the quote, or the application. On the right you can see the price. This example quote is for a 38 year old woman with a good health rating, and the policy has a waiver of premium rider. The price and breakdown are all included, and any riders can be added or deleted depending upon preference.
As you can see the quote comparison tool makes it easy to see the best price, and compare prices across companies.
Can I Buy a Universal Life Insurance Policy From You?
Yes, we do write universal life insurance policies for our clients who are interested. Generally these policies are more difficult to quote than a term policy, unless you are an expert. For this reason we request that you give us a call and work with an agent, or enter your information as if you are interested in a term life policy but let us know that you would like to compare that to a universal life policy. Generally universal life policies work best when they are well funded, meaning you have a lot of cash to put into the policy. Ultimately the policy performance in terms of cash value growth will be greatly affected by your ability to fund it, or even “over fund” it.
We also warn clients that a universal life policy can become extremely expensive in the later years. Unless you are very comfortable that you understand the risks and possible benefits of this policy type, we will generally warn our clients not to buy this type of life insurance policy. If it not structured correctly, funded appropriately, and even surrendered at the correct time, a client can end up spending a lot more money for the same amount of coverage that they could get with whole life or term insurance.
Universal life policies also have a higher rate of return when interest rates are higher. In a low interest rate environment a client may be better served from a rate of return standpoint with a properly structured whole life insurance policy.
If you are still interested in learning more about a universal life insurance policy, please contact us and we will be happy to work with you to provide an education as well as help your buying decision. We want all of our clients to feel like they got exactly what they want when they use us!
What About Variable Life Insurance Quotes?
Variable life insurance is another form of cash value life insurance. Instead of earning interest from the insurance companies general account, or from a calculated rate associated with LIBOR, the value of the cash value in a variable life insurance policy is associated with the performance of equity markets. There a lot of different forms that a variable policy can take, but a common iteration is a variable universal life policy.
These policies generally give the owner the ability to choose from a basket of mutual fund like offerings comprised of different segments of the equity and bond markets. Without getting into too much detail, a variable universal life policy (also known as a VUL policy) has a flexible funding scheme like any universal life policy does. Furthermore, because the cash value is tied to the performance of the stock market and the individual investments chosen by the owner, the rate of return is virtually impossible to predict. This makes accurate quoting extremely difficult.
There is one aspect of a VUL policy that can be very accurately quoted however, and that is the actual cost of insurance in each policy year. This is the most important aspect of the VUL to keep in mind.
Many policies also have various riders that either guarantee a minimum policy performance if certain conditions are met or provide additional benefits beyond simple life insurance coverage. This makes it a nightmare for a regular person to try to generate their own quote and illustration.
If you are shopping for a variable life policy, our expert agents will be happy to help. Simply contact us and let us know what your looking for and we can recommend products and explain every feature to you so that you are confident that you know exactly what you are buying.
Why You Need To Compare Quotes
It is important to compare quotes from different companies even if you are working with a financial advisor or life insurance agent. When you compare prices for yourself you get a feel for the market and you can be assured that you are getting a policy for an appropriate price. You may also find a policy that costs much less than one an agent is making available to you. When it comes to insurance prices, knowledge is power.
Agents are typically incentivized to push the highest margin products on their clients, or at the very least products from certain companies over other companies. Life Ant has no such motivation. Our only goal is to get you the policy you need at the lowest price we can find. We look across lots of different companies in your area to get the best deals. That doesn’t mean we work with companies that aren’t secure. We look at the largest companies in the country, as well as smaller and mid market companies that have good reputations and good financial ratings. Prices change all the time. That’s why you need to look at multiple sources anytime you shop.
The Least Expensive Company is Different for Everyone
Life insurance costs can vary greatly from company to company, and from product to product. This is precisely why it is so important to comparison shop, even before you speak with a financial professional.
Life insurance companies price each policy depending upon a person’s age, gender, and health history. By dividing people into different risk classes, life insurance companies separate people based upon the odds of paying out a claim. The confusing part for many people is when they learn that different risk classes are priced differently at each company. This means that while for one person New York Life might be able to provide the least expensive policy, for another customer MetLife might have the best deal. Only by comparing quotes for each person will you be able to unearth the best bang for your buck. In today’s modern age, it is so easy to compare quotes online that every person should do it before purchasing a policy.
Why We Want to Be the Cheapest
We compare quotes because we don’t get paid commissions from sales, so we have no conflict of interest with our clients. Your financial professional (life insurance agent) gets paid higher commissions when they sell their own company’s products than by selling products from other companies. They also get paid more money if your policy is more expensive. We want to allow you to compare prices so you receive the best deal, fair and square. We have no financial interest in charging you more money than you need to spend.
Why You Need Life Insurance
Life insurance is a subject that many people do not feel comfortable discussing. While it reminds us of our mortality, we all have an obligation to provide for our family and loved ones after we have passed. This is doubly true in the event of an untimely passing. Life insurance is all about being prepared for the unexpected. Life insurance gives you the power to ensure your families prosperity after you are gone.
Uses of Life Insurance
Life insurance serves many purposes. You may be surprised to know all the reasons that people buy life insurance:
- Life insurance can provide living expenses for a spouse, children, or family.
- Life insurance can preserve or provide a retirement for a spouse living partner.
- It can give a grieving family some respite from expenses during the time immediately after death, when they may miss work and have extra expenses.
- Life insurance can facilitate the passing of estate assets on to beneficiaries by paying any estate taxes that may be due.
- Whole life insurance serve as a investment tool by accumulating cash value, and providing a return on capital through dividend payments.
- A life insurance policy can also provide a legacy to your family, even insuring money is available to your descendants generations later. Many wealth individuals fund trust accounts with life insurance.
- Life insurance is used for business purposes. Sometimes it may facilitate a buy out in what is known as a buy-sell agreement, or it may compensate ownership for the financial detriment to the company from losing key people.
Tips For Getting The Most Accurate Quote
- Give accurate information. Prices can vary between locations, genders, and ages. Sometimes the prices can vary significantly. If you do not provide accurate personal information, your quote will not be very accurate either. Life Ant does not use your information except to provide quotes.
- Be honest and conservative regarding your health. The health rating that you ultimately receive will play a big part in how your policy is priced. If you have health issues such as high cholesterol, high blood pressure, or if you are overweight, do not assume that you will receive the best health rating. It is better to be conservative when you get a quote and have your policy ultimately cost less than the amount that was quoted to you. Remember that underwriting will decide your final rating.
Tips For Saving Money on Life Insurance
Nobody wants to spend more on insurance than they have to. Life Ant was created to save you money by comparing quotes. Here are the best ways that you can save money on your life insurance beyond comparing quotes.
- Buy only what you need. Remember, the more life insurance coverage you need, the more it will cost. While it is better to have a little too much life insurance rather than too little, paying for unneeded coverage is a waste. For help determining how much coverage you need you can use our needs calculator or speak with an advisor.
- Shed extra pounds. Not only is it unhealthy to have excess body fat, but it increases your odds of receiving a lower health rating from underwriting. Life insurance costs less when you are a healthy weight.
- Take Prescribed Medicine. Most people have some minor health issues. You can still get very affordable life insurance even if you have high blood pressure or cholesterol. The most important thing that underwriters will be looking for is that any issues are well controlled with medication.
- Do Not Try to Manipulate the Quote. Regardless of what you put in for your information on the quote form, the life insurance policy will perform normal due diligence and underwriting on you. This may include obtaining your medical records, having you fill in your information on an official questionnaire, and performing a life insurance paramedical exam. You can not “put one by” the insurance companies, and if you do and you pass away and the insurance company investigates (they all have departments dedicated to this) and it turns out that you were hiding information or were not truthful, your claim may be rejected. Honesty is always the best policy. Get a realistic quote based on where you think the state of your current health is. If you have questions about this, you can always ask our experts for advice by giving us a call.
Important Basics Of How Life Insurance Works
If you are unfamiliar with life insurance, life insurance is a contractual agreement between a natural person and an insurance company. The agreement provides that in return for timely premium payments to the insurance company, the company will provide a specified death benefit upon death of an insured.
The death benefit is paid tax free to the named beneficiaries, and the beneficiaries are determined by the contract owner. In order to buy a life insurance policy on someone else’s life, you must have an “insurable interest” in that person. Having an insurable interest means that if the person passed away it would have a negative financial impact on your life. Direct family members are assumed to always have an insurable interest on each other. Other examples may include a business partner, an employee, an employer, or anyone who would cause a financial loss to you if they lost their life. No one wants people gambling on lives with insurance policies. Also don’t worry, no one can take out an insurance policy on you without your knowledge!
There are different forms of life insurance such as Term, Whole Life, Universal Life, and Variable Universal Life Insurance. Each product has different features and costs, and each may have slightly different uses. Regardless of the nuances of each, every product type shares the purpose of providing for loved ones, or even a charity, after an insured passes.
Every type of life insurance has a cash value component except for term life insurance, but term life is the most common type of policy written. Keep in mind that the expected cash value of a life insurance policy is a very important part of the quote. Make sure that you understand what your cash value minimum and expected amounts will be at various years of your policy, and make sure you understand the rules for accessing this money through either loans, withdrawals, or surrenders. A properly made illustration can give you all the details even if you are planning to take cash from your policy. Make sure you share this with your agent when you are doing your research.
What to do if After You Get a Quote You Want to Buy a Policy
If you are on Life Ant and you see a policy that you want to move forward with, thank you! We are happy to assist you and to hopefully call you a client for life. Indicate that you would like someone to follow up with you. Unfortunately current laws don’t really allow for the purchasing process to be done entirely online, but it can be completed over the phone. Here is what will happen after you decide to move forward.
- An agent will call you or reach out by email. They will confirm what you want to purchase, and that it makes sense for you given your income and financial situation (laws prevent consumers from buying way to much insurance given their income to both protect the consumer and prevent money laundering).
- The agent will send you an application. You will need to fill it out and sign it, and the agent will need to do the same. They may pre-fill many of the questions by asking them to you over the phone and sending the app to you for signatures only. Unfortunately there are usually many places that you need to sign and initial, so make sure that you get each and every spot signed to prevent delays in processing at the insurance company.
- Depending upon the amount of coverage you want and your age, you may be required to schedule a health exam. A paramedical nurse will come to your house or apartment and perform the exam. It usually takes less than 20 minutes and is fairly simple. It can include testing your blood pressure, collecting a blood sample or a urine sample, testing your heart rate, and weighing and measuring you. Don’t stress about the exam, it is simple and the trained nurse has likely performed hundreds of them.
- The application and results of your health exam and or medical records are all submitted to the insurance company. An underwriter studies them, and decides whether to approve your application or not. They may place you in one of many risk classes depending upon your overall health such as premier, premier plus, standard, or substandard. The risk group that you are classified in will determine the price of the policy, so it does matter.
- Your policy is delivered after approval! You will be given an actual copy of the contract, which you should keep very carefully for your records. The agent will collect the annual or monthly premium due and explain how you should pay the insurance company in the future. You are now covered!
Life Ant Helps You Understand What You Buy
Life Ant is here to help you understand each product, and help you compare offerings from all the major insurance providers. This will help you receive the lowest cost policy, and provide the most insurance coverage for the ones you love.
Whether you are a current owner of life insurance and want to see if there is a less expensive option to meet your needs, or if you want to add to your existing coverage, or even if you are in the market for your first policy, Life Ant will help. Please use our educational resources to learn about life insurance. Please also feel free to contact us with any questions.