Shopping for term insurance by premium

Ami · 10-16-2008, 10:03 AM

From what I've seen, insurance quoting programs and websites rank insurance products by premium, based on the input face amount and demographics.

On the other hand, insurance needs frequently exceed the amount of premium that the consumer can comfortably budget to pay - and to keep paying for years to come.

I have a couple of questions in this regard:

A. Is anyone aware of any term insurance program or website that allows the user to input the amount of premium and to receive a multiple company and multiple product comparative report that would rank by face amount available for the budgeted premium amount?

B. Would you find such a capability to be useful?

Your responses would be greatly appreciated.

Hadley · 01-21-2009, 11:49 AM

I have not seen this option available when searching for life insurance, but I believe this approcah would be very good, especially for those who are budget-conscious.

If you have $25 a month to spend in your budget for life insurance, thyis approach to searching for affordable plans and carriers would be good for consumers.

Ami · 01-22-2009, 11:58 PM

Originally Posted by Hadley

I have not seen this option available when searching for life insurance, but I believe this approcah would be very good, especially for those who are budget-conscious.

If you have $25 a month to spend in your budget for life insurance, thyis approach to searching for affordable plans and carriers would be good for consumers.

I agree. IMO, it's preferred to have part of the need covered comfortably than none at all. Also, IMO, a policy that costs more than the person can budget for comfortably has a higher probability of falling off the books due to unpaid premium. I now know of only one independent multi-carrier system that includes both of the approaches and am wondering if anyone knows any other.

Marpol · 01-23-2009, 04:47 PM

Winflexweb offers this capability with most top rated carriers. It offers full flexibility in searching across all the produces. The down side is that you have to run each carrier individually and product individually. We use it almost exclusively when designing cases for our agents. Although I have not found any agents yet willing to take the time to learn the software to do it themselves.