How do I find the best and least expensive term life insurance? I'd love to see a listing for life insurance like BankRate.com does for savings accounts and mortgage lenders. Anything like this out there?

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    I don't have a site for comparisons, but do want to suggest that you include in your comparisons any term life insurance policies that might be available to you through your professional societies (e.g. IEEE, ACM, TIAA, ABA, etc). May 25 '13 at 15:17

The best way to get the best deal is to deal with an insurance broker. Not an agent. In the US at least, an agent is a representative of an insurance company. Their job is to get you to buy the company's products, not to find the best product for you. (They will sometimes say that they are going to find the best product for you, but they mean the best product from among their company's offerings).

In other places the naming is different. Sometimes agents are referred to as 'tied brokers', and can call themselves brokers. Brokers who find the best product for you from among many companies are usually called 'independent brokers'. If in any doubt you should always ask explicitly whether the broker is selling products from only a few companies or can choose between many companies. You will probably have to pay a broker for this advice, but that's what you need to guarantee independent advice.

You can also go to various websites that allow you to simultaneously get quotes from many insurance companies. They will often do the job if your needs are fairly straightforward, and you are looking for normal kinds of insurance.

  • fwiw - there are many insurance agencies that represent many carriers, and will compare between them for you (eg the agency I used when I used to live in NY)
    – warren
    Dec 23 '19 at 13:55
  • Things may be different in New York. My experience in Canada is that many who portrayed themselves as brokers were actually tied to an insurance company. Dec 23 '19 at 13:59
  • Don't know about Canada - only ever owned a vehicle in the US :)
    – warren
    Dec 23 '19 at 14:06

{Not an endorsement}

I used SelectQuote.com for my wife and I last year.

This is precisely what they offer to do.

  • 1
    +1. Not sure why this was downvoted--this is exactly what the question asked, and what they claim to offer. I used them 3-4 years ago and had a good experience. Also not an endorsement as YMMV and I have nothing to compare them to. May 30 '13 at 17:29
  • @PhilSandler - I have no idea, either: but thanks for the compensating vote :)
    – warren
    May 30 '13 at 19:02

Ask some insurance agents & brokers to provide you quotes of all the insurance companies, and then select the policy that best suits your needs.

  • Okay, but how do I choose a insurance agent or broker? Don't they all work for or earn comissions from one company? May 30 '13 at 15:46
  • 1
    If in the US, be aware that an insurance agent is a representative of an insurance company. They will not help you choose between companies. May 30 '13 at 16:38

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