Why You Should Buy Life Insurance Online Today: You already know the answer to the question “Why buy life insurance?” Just look around — your spouse and children, to name a few. And while many people know they should protect their family financially, they still put it off. And put it off. And put it off some more.
Why is that? Well, for one, who wants to think about their own death? We get it. But others are afraid of even applying. Why would anyone want to go through a long, boring, painful process? But that’s not how it works. Sure, once upon a time it took weeks to find an agent and a policy right for you, get the application filled out, get a medical exam, and only then find out if you’d been approved. Lucky for you, the internet put an end to all that.
Okay, so how is it different to apply for life insurance online?
If you’re like most people, the internet is the first place you go to buy or do pretty much anything. Buying a car, finding a date, banking, indulging in your love of watching cats, you name it. So why should buying life insurance be any different? The answer is, it isn’t.
When you buy life insurance online you’ll find it’s nothing like it used to be. What used to be a complicated process that could take weeks or months, now it can be completed in just a few short steps from the comfort of your couch. Is it really the best way to buy life insurance? We’ll let you decide.
- Figure out how much you need. Experts suggest between five and ten times your annual salary in coverage. Having a mortgage or kids headed for college will add to that. Use an online calculator to determine how much you need, all without talking with an insurance agent.
- Compare policies. The internet is filled with sites where you can get a side-by-side comparison of the prices, coverage, customer service, and more of policies or insurance companies. So you can find one that fits you just right.
- Get an instant quote. Instead of waiting weeks for a decision, powerful algorithms assess your application to provide an accurate quote.
- Get covered. Most people are considered covered from the time they get their instant quote. But a final decision depends on the results of your medical exam.
- Get a medical exam: If a medical exam is required, you’ll have a few weeks to complete it. With your results in hand, you’ll get your final premium.
Okay, it’s different to buy term life insurance online. But is it really better?
We’re glad you asked. Let’s go through all the ways the internet has made it easier to buy life insurance than it used to be, at every step of the process.
More informed choices. Rating services like A.M. Best, The Better Business Bureau, and The National Association of Insurance Commissioners provide online reports about the financial stability and dependability of insurance companies, allowing you to learn more in a few minutes than you once could in weeks.
Greater transparency. The internet has increased competition among insurance companies – making prices, services, coverage, reviews, ratings and more available to everyone.
Convenience. If you decide to buy term life insurance online, you’ll find it easier than ever. Take your time completing the application. Stop if you get interrupted, pick it back up and finish later. No more endless rounds of phone tag with an agent who’s not available when you are, and vice versa.
Fewer mistakes. It used to be that your agent filled in the application for you. If one letter in your name or your street address was off, you’d go back and forth until the mistakes were corrected. Now, you fill in the information yourself on your own laptop. That alone has eliminated many application errors.
More accurate quotes. People don’t like to talk about their health. But, if you leave things out, you may not be eligible for the coverage you want at the premium you were quoted. That just wastes everyone’s time. But the anonymity online makes it easier for people to be honest. That means a faster, more accurate decision.
Quality coverage. Sophisticated technology powers a more streamlined and thorough process, which allows for insurers to offer coverage that’s both affordable and high-quality.
Instant coverage. Before an insurance company can offer coverage, or set a premium, an application is reviewed to determine the risk of insuring you based on your lifestyle and health. While that used to take weeks, applications are now often reviewed by complex algorithms while it’s being filled out. The risk is calculated with each answer, and the moment you hit submit, you have a decision along with your monthly premium.
More secure payments. People are naturally wary about putting personal and financial information out into the world, especially online. When you buy directly from an insurance company, you’re trusting your intimate information only to the company. Insurance companies have built secure networks and processes to protect your information no matter where it is.
You’re in charge. You can check the status of your application online every step of the way. So there’s no need to chase down an agent, or wonder what’s going on. Then, once you’re approved you have everything at your fingertips, so you can manage your policy on your own. Your policy will be available online 24/7, and if you ever need to make a change – a beneficiary or your address, for instance, you can do it instantly.