How accurate are term life insurance quotes?

Colin Lalley 1600


Colin Lalley

Colin Lalley

Insurance Expert

Colin Lalley is the Associate Director of SEO Content at Policygenius in New York City. His writing on insurance and personal finance has appeared on Betterment, Inc, Credit Sesame, and the Council for Disability Awareness.

Published May 31, 2016|3 min read

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When you’re looking for term life insurance quotes, there are a few things you want. You want them to quick, so you’re not waiting around to take next steps. You want them to be hassle-free, so there isn’t a lot of back and forth or confusion trying to figure out just what each quote means.

You also want them to be accurate.

What do inaccurate quotes mean for you? They mean that you know that you’re getting life insurance coverage that’s within your budget and doesn’t feel like another financial burden. It means you don’t have to go to a different site or agent just to find out if what you were told initially is actually correct.

When you get term life insurance quotes, it’s pretty easy to judge whether or not you’re getting them quickly and hassle free. If you use SelectQuote, you need to wait for a phone call and can’t compare quotes instantly. If you use AccuQuote, you fill out what seems to be the minimal amount of information about yourself.

But how do you know if those term life insurance quotes are accurate? A good judge of your quotes’s accuracy is how much information you have to provide in order to get them.

Life insurers use a lot of factors when determining a policy’s cost and providing you with a quote. Some of them are obvious when deciding your health status: your age, your gender, family health history, if you’re a smoker.

Others might not seem so obvious. What sort of high-risk hobbies do you enjoy? What does your driving record like? What medications do you take?

If you’re only including basic information like your smoking history and your current health level (how are you supposed to know where the line is drawn between "Excellent" and "Good"?), you’re likely not getting a very accurate quote because there are so many unknowns that need to be solved for in order to estimate your quote. What you get initially could be wildly different than what you end up with. Sure, you can see a quote in 30 seconds, but you’ll waste a lot more time later on when you find out what you’re actually going to pay isn’t what you were quoted.

At PolicyGenius, you might notice the questions we ask to get you your quotes are pretty thorough. That’s why we’re able to get you the most accurate term life insurance quotes anywhere. In fact, 85% of customers who purchase a term life insurance policy through PolicyGenius pay a monthly premium that’s within $5 of their original quote.

A lot of that has to do with our different business model. Other insurance marketplaces aren’t concerned with giving you an accurate quote; they want to get you on the phone with a salesperson so they can upsell you to a more expensive policy that provides more coverage than you actually need given your financial and family situation.

We don’t do that at PolicyGenius. We want to offer you the coverage that’s right for you, which is why we’re not afraid to ask the types of questions that are necessary to get you the most accurate term life insurance quotes possible. It offers a level of transparency that you don’t see in many other places and allows us to provide quotes that are instant, hassle-free – and accurate.