Buying Life Insurance on the Net
Nearly everyone shops on the Internet, especially for uncomplicated purchases such as clothing or books. When it pertains to applying for term life insurance online, some potential buyers may feel a little anxious. Life insurance online is accessible from experienced companies, but like any retail transaction, some caution and words of wisdom can only serve you to find exactly what you want. This information will help decide some of your fundamental questions about finding a qualified online insurance company.
The evolution of term life insurance sales through the Internet has blossomed, creating many fledgling online life insurance agencies in the last few years. Once skeptical about buying any products on the World Wide Web, consumers nowadays have become pretty relaxed with Internet safety and use the Net to do research and save money.
Life Insurance Agencies
Consumers are now offered more selections regarding the purchase of term life insurance online. Basically, there are 2 types of agencies on the web. The first type is bona fide seller of term life insurance products, usually licensed in all 50 states with the sole purpose of selling life insurance products to its customers.
Still, the second type is simply in the “lead” business. Put differently, when a customer makes an inquiry they take your standard information, which is then sold to as many as 4 different “type 1” agencies.
Prior to applying for term life insurance online, ascertain who owns the site and who is going to be your actual broker. A different question to ask is what, if any, professional associations they belong to or what their advanced insurance credentials are (for example, Chartered Life Underwriter (CLU) is a reputable degree).
Try to discover whether the site is only a lead mill or if they actually handle life insurance premiums. Since most lead sites just collect your data and sell it, they won’t offer you a free quote. So make sure to ask if they’ll give you an instant quote.
Applying with multiple agencies throws up a red flag with the insurance companies, so it’s important to remember that after you find an agency you are comfortable with, apply to only that one agency, letting them find the best product for you. Make sure your agent explains the coverage on the premium you are interested in. And remember that affordable policies might have exclusions or other limitations that may affect what you might receive in the future. Compare the services and rates that companies offer prior to settling on an agency. And like any dealing on the Internet, do not provide personal or family information of any kind until you are satisfied that you are working with a preferred company.
Ask and You Shall Receive!
Purchasing term life insurance online is a significant part of many people’s planning for their loved ones. Buying it online has become more acceptable to most people. The questions you ask an online broker are the same as ones you would ask in an office– What are your rates? Do you provide a guarantee? What is your standard application process? Do you call for a medical exam? Who do I call if I have questions? Life insurance online has no more problematic features than any other online transaction, as long as you do your research, carefully inspect all documents and, first and foremost, do not sign anything until you are positive you have discovered the company and the plan that works for you.