A Quick Guide to Buying Life Insurance Online

We are living in an age that is mainly digitally driven. Everything from talking to your friends and shopping for groceries to paying bills, booking appointments and getting a loan can now be done without you having to step outside your front door. But despite how ‘safe’ we feel doing the above, most people will have hesitations when it comes to using the internet for some things such as opening up a bank account or buying life insurance. If that sounds familiar to you, the following article will address the safety of buying life insurance online. We’ll also touch on the benefits and the individuals who should buy from an agent instead.

Is it Safe?

Yes, absolutely. That said, it’s essential to do your research and buy for a reputable company. Most of the big operators will have comparison and education sections where you can get quotes and learn more about things like a modified endowment contract, riders, benefit periods and cash value. All reputable insurance sites take the highest security measures to ensure the privacy of customer data so you will have nothing to worry about.

What Are the Benefits of Buying Online?

You have choice, meaning you won’t have to deal with a pushy sales agent who is working on commission and recommending extras that you don’t need. Instead, you have the power to do your own research and get the right type and amount of cover based on your circumstances.

  • Lower premiums – Most companies will offer cheaper premiums for online customers, as they don’t have to factor in the overheads that come with in-house transactions.
  • Less time – Shopping around is all part of getting cover. The best thing about doing it on the internet is you don’t have to spend hours calling up agents and repeating your details over and over. You can get comparison quotes from hundreds of companies at the click of a button so finding cheaper premiums is more achievable. The approval process is also much faster and you won’t have to wait weeks for confirmation.
  • Professional advice – Navigating your way through different types of plans and coverage options doesn’t have to be stressful. Most companies will have licensed agents available on live chat or on e-mail to answer your questions.

Who Can Buy Online?

Getting coverage online is not a possibility for everyone so it’s important to know who is eligible.

  • Who’s eligible? If you’re healthy, within the age limits and you have no glaring family history of disease, you may be a good candidate. Yet, as with all digital transactions, make sure you do your research and find a reputable company. Reading reviews and ratings is always a wise move.
  • Who’s not eligible? Those who need a lot of coverage will need to visit an agent in person and discuss what death benefit they’re looking for.

Likewise, anyone who is in poor health may not be able to get online coverage. The company will want to know more about the illness and they may even request medical reports in some cases. Finally, if you want to get coverage online, you’re most likely going to go for term life insurance. This is a great option for most people due to its affordability and simplicity but it’s not the best option for everyone. If you have a special needs dependent or you have a high net worth, whole life insurance may benefit you more.