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What Does Life Insurance Instant Quote Really Mean?

Most web sites that offer quotes use quoting software that provides quotes from selected companies in a second or two thus the term instant. Two companies provide these search engines and both are provided the rate tables from the insurance companies twice a month so they are usually correct. Occasionally, when there are rate changes, it might not be possible to complete and submit an application before the rate increase comes into effect and the companies are not bound by the quotes from these search engines. For this reason, if you see a quote that works for you, it is important not to procrastinate.

Most web sites that offer quotes use quoting software that provides quotes from selected companies in a second or two thus the term instant. Two companies provide these search engines and both are provided the rate tables from the insurance companies twice a month so they are usually correct. Occasionally, when there are rate changes, it might not be possible to complete and submit an application before the rate increase comes into effect and the companies are not bound by the quotes from these search engines. For this reason, if you see a quote that works for you, it is important not to procrastinate.

This is particularly important when getting instant life insurance quotes for permanent insurance like whole life insurance as the company with the lowest prices starts selling more insurance than they want and increases prices to slow sales. With low interest rates and new reserve requirements, insurance companies do not want to sell as much permanent insurance as they used to so limit it by increasing prices. Every month we see the companies with the lowest priced policies increasing in price to reduce their sales.

Given that all web sites are using one of these quote engines to provide quotes one would expect all web sites to have the same quotes but that is not the case. Companies and brokers offering instant life insurance quotes get to choose what companies they will include in the online quoting engine. Some companies like Sun Life and Great West Life refuse to a allow the sale of life insurance without having the agent meet with the client in person. This eliminates them for consideration from most companies selling life insurance online as they usually complete the sale on the phone rather than meet personally with the clients. Fortunately, they are not the lowest price providers so they seldom are considered for non-face to face sales.

Other companies like Empire Life, Canada Life and Desjardins are very limited in the companies they allow to sell their insurance products without meeting the clients in person. Consequently, while a search engine may include these companies for instant life insurance quotes, the broker will steer you away from these companies to the companies they represent or simply not include products form these companies in the quotes you get from their sites. Other companies like Manulife have limits on the face amount of life insurance that can be sold non-face to face which might limit the companies that are quoted on their pages or the companies recommended by their brokers.

One company that offers the fullest possible range of companies for their instant life insurance quotes is Insurance Direct Canada. They pioneered the sale of life insurance on the internet ten years ago and have sold almost 7000 policies from all the companies that offer non-face to face sales. They gained the confidence of these companies by developing a system that met with their compliance officers’ requirements including having a group of experienced well trained brokers that provided excellent service levels and no complaints. In fact, in the ten years and over $2 billion in insurance sold there has not been one complaint to the Better Business bureau.

The best place to obtain an instant insurance quote is with Insurance Direct Canada and their website at Life Insurance Canada. You receive quotes from a full line of companies but more important you can have confidence that the broker you will have a conversation with can actually sell the policies these companies offer. They will take the time to ensure that they understand why you are searching for life insurance, suggest options within your budget and provide the policy that works for you in a timely manner.

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All product names, trademarks, and trade names are the property of their respective owners. The Insurance Council (BC, AB, SK, MB), Financial Services Commission (ON), Chambre de la Sécurité Financière (QC), The Superintendent of Insurance (NB, NL, PE, NS) are the provincial and federal authorities that regulate, supervise and enforce standards for life insurance professionals.

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