8 Ways to Get the Best Life Insurance Quote

Life insurance is a significant investment to have for your future. It’s also not something that everyone needs or can afford. As a result, it’s essential to know the right ways to get the best life insurance quote. Even if you don’t plan to need life insurance, getting a reasonable quote and understanding what type of coverage you need can help you find a plan that fits your needs at an affordable price. Whether you already have your sights set on finding the right life insurance company, or this is your first-time shopping around, following these eight steps will help you get the best life insurance quote possible. According to the Insurance Information Institute’s 2025 data, roughly 52% of Americans carry some form of life insurance, yet many overpay simply because they don’t shop strategically.

1. Conduct Thorough Research

Before shopping for a life insurance quote, you’ll want to conduct thorough research on the different companies you’re considering. This will give you a better idea of what you’re getting yourself into and whether the coverage you’re looking for is available with any of the companies you’re looking at. Additionally, it’s essential to understand how much you can expect to pay for a specific type of coverage. Major insurers such as Northwestern Mutual, New York Life, MassMutual, and Prudential each offer distinct underwriting guidelines and pricing models, which is why the same applicant can receive meaningfully different quotes from each. If you have particular needs, you may be able to find cheaper options through online platforms like Policygenius or Ladder Life, which aggregate quotes from multiple carriers at once. According to LIMRA’s 2024 Insurance Barometer Study, 44% of consumers overestimate the cost of life insurance by more than three times the actual price, underscoring the importance of doing your homework before assuming coverage is unaffordable. Once you’ve done this, you’re better positioned to shop around and find a better life insurance quote.

2. Understanding your Needs and Wants

Before shopping for a life insurance quote, you’ll need to determine your needs and wants. After you’ve done this, you’ll be better positioned to shop around for cheaper options. It’s essential to understand why you want life insurance and your needs and wants. In general, you’ll want to understand your needs and what your wants might be. For example, if you have a specific amount of money you’d like to have saved for your children’s future, you’ll want to make sure that that’s considered when you shop around for a life insurance quote. A widely used rule of thumb — endorsed by financial planning organizations including the CFP Board — is to secure coverage worth 10 to 12 times your annual income to adequately protect your dependents. Beyond income replacement, you should also consider outstanding debts, your mortgage balance, anticipated college tuition costs, and end-of-life expenses when calculating your desired death benefit. Understanding what you want and need will make finding the best life insurance quote accessible.

3. Speak with a Financial Advisor

One of the best ways to get a life insurance quote is to speak with a financial advisor. A financial advisor can help you better understand your options and find the best life insurance quote possible. They can also help you better determine your financial needs and help you shop around for the best deal. A life insurance quote that doesn’t consider these two critical factors can result in a much higher cost. Look for advisors who hold credentials such as a CFP (Certified Financial Planner) or CLU (Chartered Life Underwriter), as these designations indicate specialized training in insurance and financial planning. You can find vetted fee-only advisors through the National Association of Personal Financial Advisors (NAPFA), which maintains a searchable directory of fiduciary planners. A financial advisor can also help you understand whether or not the coverage you’re looking for is available with any of the companies you’re considering, and whether a term life, whole life, or universal life policy best aligns with your long-term financial goals.

4. Don’t Be Afraid to ask for a Lower Quote

While it’s essential to conduct thorough research and understand your needs and wants, you should also be willing to ask for a lower quote. If you walk into a life insurance quote with a firm price in mind, you’re likely to walk away from the process disappointed. Instead, be open to discussing a price lower than what you were quoted in the past. A life insurance quote is meant to provide you with a general overview of what the coverage would cost and cover. It’s also meant to help you determine whether or not you’re willing to pay that price. It’s worth noting that certain lifestyle changes — such as quitting smoking, losing weight, or improving cholesterol levels — can qualify you for a better rate class. According to Forbes Advisor’s 2025 life insurance rate analysis, smokers can pay two to three times more than non-smokers for identical coverage, meaning clean lifestyle choices translate directly into lower premiums. If you walk away from the process feeling like you’re not ready to pay that price, the company will likely walk away from the deal.

5. Negotiate Through the Insurance Company

Before shopping around for a life insurance quote, you should also consider negotiating through the insurance company. Once you have the selection in hand, you may find you have the power to negotiate a lower price from the company providing the coverage. Lowering your premium with the company providing your range by bundling your phone and internet service with your home insurance may be possible. It may also be possible to bundle your car insurance with your home insurance to lower the monthly cost. Some insurers — including Allstate, State Farm, and Liberty Mutual — offer multi-policy discounts that can reduce your overall insurance spending by 5% to 25%, according to Consumer Reports’ insurance savings guide. Additionally, paying your annual premium in a lump sum rather than monthly installments can sometimes reduce your total cost by 3% to 8%, since insurers often add installment fees to monthly billing cycles.

6. Check the Insurer’s Rating and Review Process

Finally, it’s important to remember to check the insurer’s rating and review process. Even if you don’t plan to shop for a life insurance quote, it’s essential to understand the company you’re getting insurance from and the company providing the coverage. The most authoritative source for insurer financial strength ratings is AM Best, which has been rating insurance companies since 1899. You should look for insurers carrying an AM Best financial strength rating of A (Excellent) or higher. Additional rating agencies to consult include Moody’s, S&P Global Ratings, and Fitch Ratings. The NAIC Consumer Information Source also provides complaint ratio data that lets you compare how frequently policyholders file grievances against a specific insurer relative to its market share — a useful proxy for customer service quality. It’s important to remember that the company you’re getting life insurance from and the company providing the coverage likely have many other clients to satisfy. If you do happen to get approved for a subpar policy, it’s important to remember to shop around for a better quote as soon as possible.

7. Shop Around for a Life Insurance Quote

Finally, it’s important to remember that it may be worth your time to shop around for a life insurance quote if you need life insurance. Not all companies will provide you with the coverage you need and may also have a long history of delivering subpar range. Online comparison tools offered by platforms such as Policygenius, Haven Life, and Bestow have made it significantly easier to obtain and compare multiple quotes within minutes. The Federal Trade Commission (FTC) advises consumers to gather a minimum of three competing quotes before committing to any insurance product. It’s important to remember that the company you’re getting life insurance from and the company providing the coverage likely have many other clients to satisfy. That means they may not have the time or interest to give top-notch coverage. If you do happen to get approved for a subpar policy, it’s important to remember to shop around for a better quote as soon as possible. The good news is that, unlike applying for a mortgage or auto loan, requesting life insurance quotes does not generate a hard inquiry on your credit report and will not affect your FICO Score.

8. Talk with Friends and Family Members Who Have Life Insurance Policies

If you are shopping around for life insurance quotes, it might also be worth your time to talk with friends and family members who have existing coverage through their current insurers. It might be possible that they can get you discounts on their policies if they believe in your ability to pay premiums on time or know that their insurer is interested in keeping their customers happy and satisfied. Some group or employer-sponsored life insurance plans — often administered through carriers like MetLife, Unum, or Principal Financial Group — allow existing policyholders to refer new applicants and, in some cases, qualify for group pricing that is significantly below individual market rates. According to the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), employer-sponsored group life insurance plans cover more than 80 million American workers, many of whom are eligible for supplemental coverage at reduced group rates. If they can get you some discount on your policy, it could help save money over time on premiums while also increasing peace of mind about your future financial status should something unfortunate happen shortly.

Life insurance is a significant investment to have for your future. However, it’s also not something that everyone needs or can afford. As a result, it’s essential to know the right ways to get the best life insurance quote possible. Once you’ve done this, you’re better positioned to shop around and find a better life insurance quote. Additionally, you may be able to find cheaper options.

Life Insurance Quote Comparison by Policy Type and Age

Rate estimates are based on non-smoking, preferred health class applicants as of April 2026. Source: Policygenius 2025–2026 rate data.

Frequently Asked Questions

What is the best way to get the lowest life insurance quote?

The most effective way to get the lowest life insurance quote is to compare offers from at least three to five insurers while applying in good health. Maintaining a healthy BMI, not smoking, and having no major pre-existing conditions will qualify you for a preferred or preferred-plus rate class, which can reduce premiums by 30% to 50% compared to standard rates. Applying at a younger age also locks in significantly lower premiums for the duration of your policy term.

How many life insurance quotes should I get before deciding?

Financial planning experts and organizations like the CFP Board generally recommend obtaining a minimum of three to five quotes before making a decision. Because underwriting criteria differ between carriers, the same applicant can receive quotes varying by 20% to 40% for identical coverage. Online aggregators such as Policygenius or SelectQuote can generate multiple quotes simultaneously, making this step quick and straightforward.

Does getting a life insurance quote affect my credit score?

No. Requesting a life insurance quote does not trigger a hard inquiry on your credit report and will not affect your FICO Score. Insurers may perform a soft pull of your credit or use a separate credit-based insurance score during underwriting, but this has no impact on your credit profile. You can request as many quotes as you like without any negative financial consequences.

What factors affect life insurance premium rates?

The primary factors that affect life insurance premiums include your age, gender, health history, current health metrics (BMI, blood pressure, cholesterol), smoking status, occupation, hobbies, and the amount and type of coverage you select. According to the Insurance Information Institute, age and health are the two most heavily weighted variables — every year you delay purchasing coverage can increase your premium by 4% to 9%.

What is the difference between term life and whole life insurance?

Term life insurance provides coverage for a defined period — typically 10, 20, or 30 years — and pays a death benefit only if you die during that term. It is the most affordable type of life insurance. Whole life insurance provides permanent, lifelong coverage and includes a cash value component that grows over time at a guaranteed rate. Whole life premiums are typically 10 to 15 times higher than comparable term life premiums, but the policy accumulates equity that can be borrowed against.

How do I check if a life insurance company is financially stable?

You can check an insurer’s financial stability by reviewing its ratings from AM Best, Moody’s, S&P Global Ratings, or Fitch Ratings. Look for an AM Best rating of A (Excellent) or higher. You can also use the NAIC Consumer Information Source to review complaint ratios and licensing information for any insurer licensed in your state. Choosing a financially strong insurer ensures the company will be able to pay your beneficiaries’ claims, potentially decades in the future.

Can I negotiate a lower life insurance premium?

Yes, in certain circumstances you can negotiate or qualify for a lower premium. If your health has improved since your original application — for example, you’ve quit smoking, lost weight, or resolved a medical condition — you can formally request a re-evaluation of your rate class. Additionally, paying annually instead of monthly, bundling policies with the same insurer, and asking about loyalty or employer group discounts are all legitimate ways to reduce your premium. Carriers including Allstate, State Farm, and Prudential each have formal rate review processes for existing policyholders.

Is it better to use an insurance broker or go directly to an insurer?

For most consumers, working with an independent insurance broker offers a significant advantage because brokers have access to 30 or more carriers and can compare quotes on your behalf without bias toward any single company. A captive agent — one employed exclusively by a single insurer such as State Farm or Northwestern Mutual — can only quote you that carrier’s products. Independent brokers are compensated through carrier commissions, so their services typically cost you nothing directly. The NAIC recommends verifying that any broker or agent is properly licensed in your state before sharing personal information.

At what age should I buy life insurance?

The earlier you purchase life insurance, the lower your premiums will be for the duration of your policy. Many financial planners recommend purchasing term life insurance in your 20s or early 30s, when you are statistically healthiest and rates are at their lowest. According to Policygenius’s rate data, waiting from age 30 to age 40 to buy a 20-year, $500,000 term policy can increase your monthly premium from approximately $26 to $47 — an 81% increase for the same coverage.

What is a life insurance rate class, and how does it affect my quote?

A rate class — also called a health classification — is a category assigned by the insurer’s underwriters that reflects your overall health risk. Most major carriers use four to five tiers: Preferred Plus (or Super Preferred), Preferred, Standard Plus, Standard, and Substandard (or Table Rated). Applicants in the Preferred Plus tier pay the lowest premiums, while those in Substandard tiers can pay 25% to 100% more than Standard rates. Your rate class is determined by medical exam results, prescription history, driving record, family medical history, and lifestyle factors.