How to Compare Life Insurance Quotes?

by SMCIB on Wednesday, 03 May 2023

How to Compare Life Insurance Quotes?

Imagine you want to get furniture made for your home. Once you've checked the best brands, you'll make a proper comparison of prices to find the option that fits your budget and fulfils your needs. Once you have your desired furniture, you can take pride in knowing that you found the perfect combination of quality and value.

Life insurance is no different. It is a contract between you and your insurer wherein the insurer promises to cover your financial risks in exchange for a payment (that is, a premium). It protects your family against any financial hardship they may face in your absence. A few life insurance types also cater to your own financial goals. 

Life insurance is a long-term commitment that lasts for decades and you will most likely have to keep paying premiums for an extended period of time. Therefore, it is important that you select a premium amount that is easy on your pocket. You should be able to comfortably afford the premiums without hampering your present-day budget.

But, how do you find a premium that’s affordable for you? With the help of online insurance platforms. You have the option of comparing the premiums of different life insurance policies online. In this way, you can find the policy that meets your needs as well as your budget.

How to compare life insurance quotes? Let's find out!

First, Let’s See Which Factors Determine Life Insurance Premium Quotes?

Here are some factors that influence life insurance quotes -

  1. Age
    Age is one of the most significant factors that affect life insurance quotes. Younger people generally have to pay lower life insurance premiums as they are touted to be healthy and are less risky to cover for the insurer. However, as you age, you are more likely to develop certain health conditions and illnesses, posing a greater risk to insurers. Consequently, insurers charge higher premiums to compensate for the risk.
  2. Medical History
    Insurance companies consider your medical history, your family's medical history, any pre-existing medical conditions, etc. to determine the risk associated with your profile.  
  3. Lifestyle
    Lifestyle habits such as smoking, chewing tobacco, drinking, etc. increase your chances of falling ill, consequently resulting in higher premium rates. For example, smoking can cause serious health conditions such as cancer, heart disease, and lung disease. Smokers, therefore, pay higher premiums than nonsmokers. Because the risk to cover them is higher for the insurer.
  4. Gender
    Another factor that affects life insurance quotes is gender. Generally, women tend to live longer than men and have a higher life expectancy, so they typically pay lower life insurance premiums.
  5. Occupation
    If you work in a potentially dangerous environment or operate dangerous machinery, this can result in serious injuries or even death. So, the insurer may charge you higher premiums. For example, if you are a firefighter or construction worker, your premium may be higher, since you are more prone to injuries and accidents. 
  6. Policy Term
    The policy term is the period during which your life insurance policy will be in effect. The premium amount may vary depending on the policy term. 
  7. Cover Amount
    Your insurance quote will also be affected by the amount of coverage you need. In general, the higher the cover amount you choose, the higher the premium. In order to get the best value for your money, choose a cover amount that meets your budget without compromising the financial backing you and your family need.
  8. Policy Type
    Life insurance policies are of many types, such as term life insurance, whole life insurance, etc., and each type has unique features and benefits which may affect your life insurance quote as well. 
  9. Features/Benefits You Choose
    The features you pick with your base life insurance policy - like riders - can affect its cost. A rider is an add-on that you can add to your policy to enhance your coverage at an extra cost, thereby increasing your premium.

You should also know that each life insurer will have a different set of rules for its underwriting process and the way it determines premiums, which is why you look around and explore the various options available along with their quotes to find the best option. You can make this task easier by a quick comparison of life insurance quotes. 

How to Compare Life Insurance Quotes?

Comparing life insurance quotes can seem daunting, but at SMC we make the whole process a lot easier for you. You can compare quotes from a variety of insurance companies under one roof. 

Here are the steps you should follow to compare various life insurance quotes -

  1. Visit
  2. Choose the ‘Life Insurance' option.
  3. Next, fill in your personal details including your gender, full name, date of birth, mobile number, etc.
  4. You need to answer some lifestyle questions like whether you smoke, chew tobacco, etc. You will also need to specify your annual income, the cover amount, the policy term you need, etc. 
  5. Next, choose the ‘Compare Quotes’ option.
  6. You will find a variety of insurance plans on the following page and their quotes.
  7. You can change the policy term, the cover amount, the frequency of premium payments, etc., and see how the premiums change accordingly.

Is Premium The Only Factor To Consider When Buying Life Insurance?

When purchasing life insurance, many people focus exclusively on its cost. While the premium is an important factor to consider, it shouldn't be the only one you look at. 

There are several other crucial factors you need to know about to ensure that you are getting the right life insurance policy for you and your loved ones. This includes the benefits it offers, for instance, the riders you can add to it to enhance the coverage at an extra cost. Moreover, the policy term and the cover amount also play a huge role. The cover amount should be sufficient to meet the financial needs of your family in your absence and the policy term should also be long enough to offer financial protection for the duration you want. 

Besides these, there are various other aspects to take into account as well. Once you are equipped with all this information, you can make a knowledgeable decision about which life insurance policy is the best for you and your family.


By comparing life insurance quotes, you can find a policy that fits your budget. But, keep in mind that premiums aren't the only factor to consider. When choosing a life insurance policy, it is essential that you take the time to research and compare different policies based on a variety of other factors like cover amount, riders, etc. to ensure you are getting the best coverage for your specific needs.

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