Life is tough. We are busy rushing to work, taking care of the kids, doing chores and attempting to save whatever is left of our social life. So thinking about buying life insurance can sometimes cause a headache. You think about having to call an agent, then the meeting, then the application, who has the time?!
Truth is the internet has changed a lot, and the way we buy life insurance is one of those things. You no longer have to worry about sitting down with an advisor for a couple hours in his fancy office. You can shop for life insurance quotes online and get everything done on the phone in a matter of minutes before dinner is ready. Here are a few tips to help you buy life insurance online in a timely manner, but more importantly, shopping the right way to assure you get the right coverage, with the right rate.
Tip #1: Compare rates with all the carriers
Going directly to a life insurance company isn’t the best idea. Life insurance companies give different rates based on your specific situation. So if you go directly to a popular company, you may overpay for the same amount of coverage that you can get with another company for much less. To do this your best bet is to shop with an independent life insurance agency that will allow you to compare rates with all the companies side by side.
Tip #2: Demand transparency
Now while working with an independent agency is great, some call centers and agents unfortunately don’t have your best interest in mind. Once you find a good independent agency make sure they represent at least 30 A-rated companies and compare the rates online while you are on the phone to verify what you are hearing is true. Screen sharing is also very popular so if they don’t offer it, it’s a red flag because it’s a free service.
Tip #3: Beware of red flags
While shopping for the right plan you have to look out for a few red flags that will help you figure out if you are working with the right agency.
1. The agent doesn’t start with a needs analysis
Unless you know exactly how much coverage you need, your agent should always do a full needs analysis. This will make sure you are getting adequate coverage to take care of your financial responsibilities.
2. Lack of options
Options include types of life insurance, life insurance companies and whether you prefer to take a medical exam. If your agent doesn’t give you options between different types of coverages or companies, he is most likely inexperienced or is looking out for his best interests
3. Bad service
An agent who provides quality service is one trying to build a lifetime relationship with his clients, which means he is most likely to give you something that would benefit you, not him. After all, he will be dealing with you for a while. Look for someone with an upbeat, positive personality that is knowledgable.
When comparing life insurance quotes online make sure you keep in mind that sometimes the lowest rate on the quote engine isn’t always the lowest rate for you. Each company views different risks at different rates. So if you skydive, chew tobacco or have diabetes, certain companies may rate you higher, and some may rate you lower. This is the main reason its important to work with an agency that has experience with all the companies and knows exactly what they look for.