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I did do a quick search and didn't find anything very obvious but apologies if this has been asked a million times before.
I am just about to purchase some term life insurance. I have a not very foolish financial advisor who gave me a list of options to choose from for term insurance. I checked her quotes against various places on the web and seemed fairly reasonable (Banner seemed one of the best options).
What I don't really understand is how you choose one company over another except based on cost. Assuming all other factors are equal. In addition does it make more difference if I get the insurance through this financial advisor person (her quote was the same as I found independently in the net) or with a different broker or even if I go through some company direct on the web (a few quotes I found seemed to be more expensive).
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angelman1: "I did do a quick search and didn't find anything very obvious but apologies if this has been asked a million times before.
I am just about to purchase some term life insurance. I have a not very foolish financial advisor who gave me a list of options to choose from for term insurance. I checked her quotes against various places on the web and seemed fairly reasonable (Banner seemed one of the best options).

What I don't really understand is how you choose one company over another except based on cost. Assuming all other factors are equal."


Well, if all other factors are equal, then it is probably cost alone.

I doubt that all other factors are often equal -

size of the company,
financial rating of the company/claims paying ability,
reputation for ease of filing claims and making payments,
whether it is a mutal company or not.

Those are the big four for me.

Other issues, endorsements available and costs (be certain that you are comparing apples to apples) and other policiy details, e.g., noncontestability period, etc.

Regards, JAFO
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Thanks for that list of things to check. I did look at size of company and financial rating.
How about choosing a broker? is there anything in it? From what I understand the cost of the insurance includes any brokers fees so if I find a plan for $500 with a broker and it compares well to an equally priced plan via a direct insurance company it shouldnt really make any difference. Depends more on how you value "personal service" perhaps?
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You might also try getting a quote from the company that carries your auto or home insurance (or disability insurance if you carry it). Sometimes you can get a reduced cost (for example, 10% discount) by bundling your life insurance with another coverage that you carry (sometimes referred to as multiple policy discount). Obviously, you would want to make sure company has well-rated/reliable life coverage.

Making Trax
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