As you might remember a few months ago, I wrote about why, as a newlywed, I didn’t need life insurance for my situation. And then, after thinking about it more, realized that if anything did happen to me, I would probably be kicking myself for not having it – even if we didn’t need it. So I asked you (the readers) who the best term life insurance companies were (I had already chose Term rather than Whole Life) and you gave a bunch of great responses.
So after looking through your responses, and doing research of my own, I decided to go with Zander Insurance Group as the broker. They are the company that Dave Ramsey recommends, and while I did find better rates, the rates that I found through Zander were pretty comparable. They have been around 80 years, are an independent company, and are still run by Zander family member. I often find that companies like that are better to do business with than the big conglomerate machines.
Just to clarify, Zander is the broker, so they don’t actually provide the insurance themselves, they just facilitate the process of getting life insurance with another company.
Getting a quote
I should have written this article while I was going through the process (it is now a few months later), but I will try to remember the details as best as possible.
I went directly to the Zander Insurance website and clicked the link to get an instant quote. After dropping in just a little bit of info, it spits back a list of about 40-50 different companies and what they charge for the Term you are looking for. From this list I didn’t just pick the cheapest company, but I chose Genworth Financial for a variety of reasons. They did have one of the best rates for my particular situation, they are a well-established and pretty financially stable company – and in a past job I worked with a lot of insurance companies and they were one of the better ones I dealt with in terms of service.
Filling out the application
After selecting my term insurance company, I got to fill out a quick version of the application online. After submitting it, I received an email from my Zander representative explaining the next steps. They mailed me the standard life insurance application that I had to fill out before my physical. One of the things I liked was that they sent a nurse to my house to do the medical exam, rather than me having to go make an appt. with my doctor. This may be common practice, but I appreciated it regardless.
The medical exam
I don’t know if it was naivety or wishful thinking, but I didn’t realize the medical exam would involve needles. It did. She came over and checked my height, weight, blood pressure, pee-in-a-cup, etc. and then she whipped out a needle. In case you can’t tell, I don’t particularly like them. But, it wasn’t too bad – I just closed my eyes and thought happy thoughts while she stole some of my hard-earned blood. She then packed up her bag and was on her way.
Issuing the policy
The Zander people followed up with me again to confirm some details on my application and within a few weeks I received my policy from Genworth. So, I don’t have much basis for comparison, but I enjoyed working with Zander, they seemed to be very thorough and made the process pretty simple – or as simple as it can be.