Insurance is a field with convoluted terms and legalese, which can be difficult to understand. That is why it makes sense to go through your paperwork and take a close look at all the terms, conditions, and fine print. Broadbent Insurance, Inc. knows about these documents, and we’ll discuss how to read your quote for life insurance in Newark, DE.
Not all quotes are the same. They are estimates based on the amount you’ll pay for coverage. That is known as your premium, and it’s based on your rate class.
Rate classes are groups of policyholders that carry a similar amount of risk. These classes vary from company to company. Some may have strict rules around certain behaviors, while others will use different definitions of healthy. Each life insurance provider relies on different actuarial numbers for customer assessment. For rate classes, usually, the lower your health risk, the lower your rate, and resulting premiums will be.
We suggest you should get multiple quotes from different providers. To get an idea of their rate classes, feel free to ask them as these figures will directly impact the numbers on the quote. If you have more questions about life insurance, reach out to us at Broadbent Insurance, Inc.