Finding Life Insurance Providers

Before you contact those vendors for price quotes, do some thinking about whom you want to offer life insurance to, what type of insurance you want to offer, and how much you want to offer.

Life insurance vendors are, on the whole, easier to find than health insurance providers because health insurance tends to require more administration and infrastructure than life insurance. As with other types of insurance for small businesses, the best way to find out who's offering benefits to employers of your size is to do a little survey.

Whom should you ask? Ask friends, neighbors, and other business people that you work with. You can even ask your customers. It always pays to check out the local chamber of commerce, as well, who may be able to put you in touch with small business purchasing alliances, trade groups, or other associations that you can join with in purchasing life insurance and that can help you get a better group rate.

What should you ask? Ask the following questions in doing your research:

• which company they are insured with
• which agent, if any, they used and, if they recommend doing business with this agent, the agent's phone number and address
• what type of insurance they have: group-term insurance, split dollar, or accidental death and dismemberment coverage
• what the insurance amounts are based on: a multiple or percentage of salary, a flat amount, in increments

This basic information should help you get a few leads on who to contact for some quotes for life insurance for your employees.