How to Compare Life Insurance Quotes

Put every quote on the same basis before comparing price. A lower premium may reflect a smaller benefit, shorter guarantee, different underwriting assumption, or fewer contract options.

Eight fields to place side by side

Field	What to record	Red flag
Death benefit	Base amount plus separately priced riders	Different amounts presented as equal quotes
Term	Coverage term and level-premium guarantee	Only the first-year premium is shown
Underwriting	Estimated class, final approved class, and process	“No exam” treated as “no underwriting”
Premium	Monthly and annual totals; guarantee duration	A planned premium described as guaranteed
Conversion	Deadline, amount, eligible products, pricing age	“Convertible” with no details
Riders	Benefit, cost, expiry, exclusions	One quote includes riders the other omits
Company	Issuing entity, licensing, financial-strength source	Brand name does not match the issuing company
Consent	Who receives data and authorizes calls or texts	Unclear partner or broad marketing consent

Before applying

I know the coverage purpose. All quotes use the same benefit and term. I know whether each price is estimated or approved. I checked conversion and renewal terms. I verified the insurer and producer. I understand who receives my data.

Replacing an existing policy?

Keep the existing policy in force until the new policy is issued, delivered, reviewed, and accepted. Compare contestability, surrender charges, tax effects, guarantees, and lost riders before replacing.

Record the comparison

Use the printable worksheet and keep it with the illustrations or quote summaries.

Open worksheet