Shopping for life insurance isn’t fun. It’s boring. It’s morbid. It’s a painful task.
It’s still not fun, but it’s never been easier. There are several companies which have started streamlining the insurance buying process.
The quicker and easier it easy, the more people who are going to buy life insurance. Just because companies are making it simpler doesn’t mean they are the best choice.
Now that more and more companies are starting to do the same thing (compiling quotes), there are going to be some carriers and tools which are better than others.
Just because a company says they have the best options and plans, doesn’t mean they actually provide those rates and options.
What Is Quotacy?
Quotacy is an aggregator or a “collector of quotes.”
Let’s look at the short history of Quotacy. To begin, you have to go back to 1992 when Hallett Financial Group was established. They are a “Brokerage General Agency” (which is a fancy title for an independent agency).
In 1995, Hallet had finished its agency management system, and then five years later, they built a quoter tool based on rates and underwriting standards. In 2014, Hallet created Quotacy as a special project.
With Quotacy, they allow you to enter your information and then you can look at a bunch of quotes all at once. According to Quotacy, they have “worked hard to make buying life insurance simple for you.” How do they do this?
They established relationships with a lot of the “best life insurance companies in the nation” (according to their website), and they allow you to check all of their insurance partners at once.
The Quotacy Process
To start, they are going to ask you five simple questions:
- What’s your ZIP code
- Do you smoke?
- Do you want to pay monthly or annually?
After you’ve entered this basic info, they are going to ask you some different information about your life insurance needs. This is going to consist of two sliders, how much insurance do you want and how long do you want it. Next, to these two boxes, you’ll have an estimated monthly payment (or annual).
Then they are going to get a little more personal. Don’t worry, all the questions are EXTREMELY simple to answer. They are going to ask you about your:
- Tobacco usage
- “Heart Health” questions
- Basic family history
After you’ve done all this, you’re going to get your results. You’ll be able to browse a handful of life insurance companies and plans.
As you’re looking through the insurance options, you might decide you want to change the insurance size or length. Don’t worry, you can quickly adjust the sliders while you’re looking. The options will reflect the changes instantly.
One interesting fact about Quotacy is the additional tools and resources they offer. Judging from the other resources they have, it seems as if they are concerned with helping their clients give the right amount of coverage.
On their website, they have a whole “Get Advice” section. This includes everything from calculating how much coverage you need to the difference between whole life and term insurance. This section includes articles on just about anything you can imagine.
If you have any questions the articles don’t answer, you can get in touch with one of their agents through phone, email, or live chat.
The Good Vs. The Bad of Quotacy
Let’s start with the good (let’s look at the glass as half full).
The first is obvious – it’s quick! If you tried to call all of the companies you get with Quotacy, you would spend hours on hold listening to terrible music. You can complete the whole Quotacy process in less than 5 minutes.
Also, whenever you’re shopping for any significant purchase, you ALWAY want to compare prices. A lot of consumers buy a plan because their friend or family is selling it. Yes, it’s a great thing to help out someone you know, but this can lead to you spending WAY too much on your life insurance.
Instead of purchasing a policy from your brother-in-law, you should get quotes from all of the most popular carriers, which this tool lets you do this. You can look at these policies head-to-head.
The Disadvantages of Quotacy
There are a lot of advantages to using Quotacy, but it’s not all good. There are a few hiccups.
One of those is the companies they compare. If you go to their site, you’ll see all of the carriers at the bottom.
Some of the companies they work with are:
- John Hancock
- Mutual of Omaha
- And a couple more
Seems like a good line up right? You probably recognize just about every company they work with. They have a grand total of 15 partner companies they can show you plan quotes for.
This is great! But the problem is, there are still a lot of carriers out there that they don’t work with. They are an independent agency, which gives you the ability to compare a bunch of quotes at once, but there are agencies out there and tools which work with EVEN more companies.
Another minor problem with the tool is the limit on the kinds of plans you can get quotes for. If you use Quotacy, you’re only getting plans for term policies. If you want permanent coverage, this tool isn’t going to do you any good.
Final Verdict On Quotacy
With its sleek design and ease of use, Quotacy is an excellent tool for anyone who is trying to get life insurance, but it’s not necessarily the best route to take.
You need to get the most quotes possible. The more you get, the better your chances of receiving the lowest insurance quotes.
At BestLifeQuote.com, we not only help you compare quotes, but we fight with you to get accepted for coverage and snag the cheapest rates possible. If you want to get expert advice on a personal level, feel free to contact us or use our own quote form.
Just like with Quotacy, you’re going to get access to dozens of companies and quotes, but you aren’t just going to be another number. We get to know you and what your exact needs are.
We can help you find the perfect plan if it’s term or permanent. We can find a policy which is custom fitted to you and your family.