You buy life insurance to protect your family members from any financial hardship in your absence. You may even choose a life insurance plan that helps you accrue returns to fulfil any future goals that you may have, like sending your child to another country for higher studies, saving up enough money for your retirement, starting your own business, etc.
In exchange for all the benefits that a life insurance policy offers, you need to pay a fee to the insurance company. This is known as a ‘premium’ - which you generally have to pay on a regular basis. So, it is essential that you can pay this amount comfortably, without hampering your current finances.
To know more about the premium and how much you will need to pay for your life insurance coverage, you can get a free life insurance quote online for various kinds of plans. This will help you gauge the premium amounts of different products that offer you the coverage you need, so you can pick a plan that is affordable.
In this article, we will discuss how you can get a free life insurance quote online.
First, Let’s Understand The Factors That Affect Life Insurance Quotes
Your life insurance premium is typically determined based on the type of policy you choose, the policy duration, the coverage you pick, etc. Let’s see the factors that affect the premium -
1️⃣ How Old You Are
When you apply for life insurance at a young age, your premiums will be lower, if you are young and healthy. Conversely, you might have to pay a higher premium if you apply for a policy when you are older. This is because you become more vulnerable to illnesses and diseases, thus posing a greater risk to the insurer.
2️⃣ The Lifestyle Habits You Have
Your lifestyle habits affect your life insurance premiums. Those who smoke, drink, and engage in high-risk activities might have to pay more for life insurance in contrast to those who lead a healthier lifestyle and avoid risky activities.
3️⃣ Your Gender
Gender also impacts the premium quote of a life insurance plan. Generally, women’s life expectancy is higher than that of men. Consequently, they tend to live longer and are offered a lower life insurance premium.
4️⃣ Your And Your Family’s Medical History
Life insurance companies analyse your medical history carefully in order to calculate a quote. They consider your medical status and history, your family's medical history, any pre-existing medical conditions, etc. The premiums are calculated based on the degree of risk you pose.
5️⃣ The Policy Period You Choose
The policy term is the period of time during which your life insurance policy is active. This has a significant influence on the premiums you will have to pay.
6️⃣ The Type Of Policy You Pick
Depending on the type of policy you choose, your life insurance quote may differ. Therefore, it is important to evaluate your needs and requirements before choosing a policy. For example, among all types of life insurance, term insurance is the most affordable.
7️⃣ The Cover Amount You Want
Please note that the higher the cover amount, the higher the premium. So, when selecting a cover amount, be sure to consider your budget and needs. Choosing the right cover amount is crucial - it should provide you with the security you need, without straining your budget.
8️⃣ The Features/Benefits You Need
A policy's benefits and features also affect insurance quotes. For example, you can opt for a life stage benefit with term insurance plans that will increase your sum assured on the happening of certain milestones. Adding this benefit to your policy will result in a higher premium. Such features/benefits are in addition to the financial protection provided by the insurance policy, so you should be prepared to pay an additional cost. Apart from these, there are various other benefits as well. Please check your policy wordings to know the benefits/features applicable under your policy.
9️⃣ How Dangerous Your Job Is
If you work in a hazardous environment or with dangerous machinery, it can endanger your life. Hence, the insurer will consider you a risky individual to cover and may increase your premium. For instance, a chemical factory operator may have to pay a higher premium than a schoolteacher.
Can You Get A Free Life Insurance Quote Online?
Many insurance platforms have started offering free life insurance quotes online. All you need to do is visit the insurance platform’s website and fill out a form with basic information about yourself. This includes your age, gender, health, lifestyle habits, etc. Once you have provided this information, you will get the quote. Ensure you provide accurate details to receive the correct quote.
In fact, you can get life insurance quotes free of cost at SMC. So, finding your ideal policy that fits your needs and requirements is easier than ever.
So, How to Get Free Life Insurance Quotes at SMC?
Follow these steps to get life insurance quotes free of cost at SMC -
- First, go to the official website of SMC.
- You'll find the 'Life Insurance' option on the landing page. Click on that.
- You will be asked to enter personal information such as your gender, full name, date of birth, mobile number, etc.
- Further, you'll be asked some basic lifestyle questions like whether you drink, chew tobacco, smoke, etc.
- Next, you have to feed in other details such as your annual income, the cover amount you want to buy, the policy term you need to select, etc.
- Once you are done with that, you need to click on the ‘Compare Quotes’ option.
- You'll find a list of insurance plans. Now, you can go ahead and choose the one that aligns with your needs and budget.
You can even check how the premiums vary by changing the policy term, cover amount, premium payment frequency, etc. while filling up the form.
We have reached the end of the article. By entering the correct information on any insurance platform’s online website, you can get life insurance quotes absolutely free of cost. Ensure you choose a policy that is both affordable and provides you with the coverage you need.