Hack my life insurance
August 30, 2011 8:36 PM   Subscribe

What's the best route to low-cost, high-value term life insurance that doesn't involve broadcasting my medical information and contact information to multiple people?

I have been browsing a number of quote aggregators and the websites of some of the huge issuers. I am being asked to disclose a hell of a lot of information way too early in the process. I want to do my window shopping from a more comfortable distance. Specifically, I want to be able to find a reputable carrier with the best rate, and when that is settled I would be comfortable disclosing any health information necessary to get the policy written. But I don't want to have to list my medications on a website just to find out whether or not a company's rates will be competitive. Everyone is also asking for a home phone number, which is a recipe for disaster.

I get that the health questions are designed to put me in the appropriate risk bucket. I have two pre-existing conditions and am almost positive that I will go into the lowest category. If for some reason I qualify for preferred status, great, but I already know that the standard rate will be the one I will need to use for price comparison.

TLDR: How can I get the best possible life insurance policy by distributing confidential information to the fewest possible people?
posted by moammargaret to Work & Money (3 answers total) 2 users marked this as a favorite
You should be able to get a rough idea of cost for a particular term & amount by just calling companies or agents on the phone and answering basic questions about your age, sex, whether you smoke, etc. Then maybe you go through the full process of answering detailed questions with only a couple of providers.

You'll probably find that there isn't a huge difference in prices for similar products. Don't overlook the discount you'll get by buying multiple insurance products (life, auto, homeowner's) from one provider.
posted by jon1270 at 4:18 AM on August 31, 2011

As part of our comprehensive financial planning package, our financial planner handled the "business end" of securing term life insurance for my husband and I by sending out an initial call for quotes based on our demographic info and the most significant known health factors. We then picked the most competitive of the quotes and followed through with the full rigamarole with that one company.

It seems like you're asking if there's a way to get a kind of "generic" standard rate quote for someone in your demographic. I'm not sure if it is possible. And even if it were, the company that offered the best rate for a person with no significant health blips may not be the one with the best rate for someone with checkmarks again them in their medical history. Our financial planners help people secure life insurance all the time, and even they did not know in advance who would come back with the most attractive quote, given our health history.
posted by drlith at 4:23 AM on August 31, 2011

Term life is essentially a commodity. There should not be that big of a difference in the cost across providers. Pick a company that is financially secure and get a quote. Most of the time, you'll get the best case quote and then after the physical it might adjust upward if you have high blood pressure, high cholesterol, or something like that.

FWIW, I haven't had any problems with Ohio National in the years I've had a policy with them, and I got my original quote via one of those online sites.
posted by COD at 5:44 AM on August 31, 2011

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