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![]() Mr. Smith then compared the lowest six premiums offered at the four Websites he visited -- QuickenInsurance, InsWeb, InsuranceGuide and Reliaquote. Here is what he found: ![]()
InsuranceGuide provided accurate quotes and returned Mr. Smith's top three choices. Reliaquote has the same top three, but misquotes each of them, because its guidelines try to force a "one size fits all" formula for each company. InsWeb and QuickenInsurance are fairly accurate in general, they were not accurate in Mr. Smith's case because they did not account for his low cholesterol ratio. InsWeb, QuickenInsurance, and Reliaquote picked CNA first, which is incorrect. Not only do they misquote (by understating) CNA's premium, but they fail to present Transamerica as the actual lowest premium. InsWeb doesn't offer Transamerica, and the other two misquote Transamerica by overstating its premium. The problem with picking the wrong company is this all-too-familiar scenario: You choose a company because the term life insurance quoting site displays it as the lowest rate. Eight weeks later, you find out that you don't qualify for that rate because of your health history. Instead, you have been approved for a (often much) higher rate.
If you had known this in advance, you would have requested
life insurance quotes
from another company that used different underwriting criteria.
Instead, you now have to start all over again, presumably with an agent
representing many
life insurance companies,
and with the experience to help you choose the correct one.
You can find a more detailed and general analysis by
Clicking Here. |