Know you should have life insurance but not sure where to start?
We get it.
First you’re wondering: How much does life insurance cost?
Second, you already get approximately 193 robo-calls a day. You don’t want more from insurance salespeople.
Third… um… what do you even Google?
Don’t panic. We recommend you start by comparing policies and rates through Policygenius, a free online marketplace. Think of it like Kayak or Expedia — but for life insurance.
We’re Here to Hold Your Hand: Here’s How to Get Started
Trust me when I say: Policygenius is simple to use.
Perhaps the most appealing part? You don’t need to enter your email address or phone number to start searching — only your ZIP code and some information about your health. That means no annoying phone calls or emails after the fact.
This takes about two minutes, so even if you’re on your morning commute, eating lunch or, ahem, using the bathroom, you can do it right now.
Once you enter your information, you’ll be asked to choose your coverage amount — anywhere between $50,000 to $10 million. If you’re not sure how much you should get, Policygenius offers a calculator that’ll ask you to input basic information, and it’ll suggest coverage amount and length for you.
Don’t get too hung up on this step — you can always adjust your coverage and terms later.
How to Effortlessly Compare Life Insurance Rates
Now Policygenius will aggregate your options and show you your quotes.
To get an idea of what types of prices you’ll see, here’s an example: When I run my information through Policygenius and ask for $1 million in coverage, I’m presented 20-year term-life policies starting at $44 a month.
That’s way less than my cell phone bill.
Now this is the fun part (just for me?). Add checkmarks to the policies most appealing to you, then compare. Side by side, you’ll compare cost, coverage amount, term and policy type. Policygenius also grades each company on financial strength, customer service and total number of customers.
If you’re worried about the fine print, don’t be. Policygenius presents the fine print in a nice, readable font and lets you know if the policies require a medical exam, any reason it wouldn’t pay out and cancelation or change fees.
Still not sure? You can chat with a Policygenius life insurance advocate. These folks aren’t paid on any sort of commission, so you’ll get unbiased, low-pressure, just-the-facts advice to help.
Once you make your decision, you can enter your information and secure the policy right then and there.
Yup. You can finally check this task off your perpetual to-do list.
Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder.
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