Life Insurance Online Costs 70% Less than State Farm on Average According to Consumer Study
For Immediate Release:
Author: Eric Smith
YourLifeSolution.com, an online insurance quote service has recently done a comparison study of various life insurance rates from some of the most prolific insurance carriers in America. These results were obtained by simply using the companies own websites to document their quotes on comparable products. This comparison study is created as a way to outline the advantages of purchasing financial services online.
The following is a simple comparison based on a standard risk 30 year-old, 35 year-old, and 40 year old being insured for $1,000,000 of term life insurance with a 30 year rate guarantee:
State Farm is $167.05 a month for a 30 year old
Assurity is $122.32 a month for a nearly identical policy on a 30 year-old
State Farm is $188.75 a month for a 35 years old
Genworth on a 35 year-old is $143.94 a month for a 35 years old
State Farm is $300.15 a month for a 40 year-old
Genworth is $213.67 a month for a 40 year-old
YourLifeSolution.com says this consumer comparison was not created to scrutinize State Farm specifically, but to show how the most well known life insurers are simply not that competitive in many cases. ”In the specific case of the 40 year-old being insured for a $1,000,000 above it’s clear that identical coverage can be obtained for roughly 70% of what State Farm costs. Over the course of thirty years a consumer would save roughly $30,000 which personally I don’t think is pocket change”, said Eric Smith, the founder of YourLifeSolution.
YourLifeSolution intends to produce numerous comparison reports like this in the future to present the value of online life insurance services. These services are known to provide life insurance products faster and at a lower cost than traditional sources. “I don’t personally, as a consumer, see any reason to spend more to go with Country Companies, Farmers, or State Farm. If there are better options from more efficient sources,then consumers should take advantage of them”, said Eric Smith.
These life insurance comparison results were created on November 15, 2011 and it is possible that this information is not entirely accurate if this is being read months or even years from then.