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Simple steps for buying life insurance online

7th October 2020 Print

Getting life insurance is one of the easiest ways to ensure that your family and loved ones are taken care of in case something happens to you. That being said, the life insurance industry is a complex world that is often difficult to navigate for an average person. 

Because of that, we’ve put together this short guide that should help you get the best life insurance plan you can online. Here are some simple yet important steps that you need to take when selecting the right life insurance. 

Shopping for Life Insurance Online - Is It a Good Idea? 

The advent of the internet has changed the way we live and function as a society. As time goes by, more and more services are moving online. We’re used to ordering all kinds of products from Amazon or eBay, but what about getting life insurance? 

Is it a good idea to shop for a life insurance plan online? The answer is a definitive yes. Most carriers allow for online applications, while some even prefer it. Applying online is both fast and easy, giving you plenty of time to read the terms and conditions. Additionally, you can sometimes avoid the uncomfortable parts of getting insurance, such as the medical exam, when you apply online. 

That being said, the process of applying for life insurance online still requires you to do your homework first. 

Figure out What Kind of Life Insurance You Want 

As you probably know by now, there are different types of life insurance out there. Most types fall within either ‘term life insurance’ or permanent life insurance’. Depending on the carrier you’re working with, there may be many, many more subcategories to each of these main types. 

Term Life Insurance 

Term life insurance offers coverage on mutually defined periods of time. We’re talking instances of 10 to 30 years in most cases. A good reason to get term life insurance is to cover your loved ones if you’re working in a field where the loss of life is a valid possibility but you don’t plan on staying around for too long. 

Getting term insurance is often done to cover the extent of a large debt. For example, if you and your special other just bought a house using a mortgage, it would be a good idea to get term life insurance for the duration of the mortgage. That way you’ll know that even if something happens to you, your special other will be set. 

Additionally, you might want to get term life insurance if you want to ensure that your kids are covered until they reach adulthood. There are many aspects to choosing a term life insurance. However, doing so online makes things easier. In most cases, all of the info is already laid out. Additionally, you can look forward to getting life insurance without speaking to a phone agent, which often leaves plenty of questions unanswered. A large Q&A section makes things much clearer. 

Permanent Life Insurance

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Permanent life insurance provides coverage for the entirety of the insured’s life. All things considered, there’s much more to permanent life insurance plans that term insurance. You can choose between standard permanent, universal, whole life insurance, and a number of other variations. 

We won’t dig deep into permanent life insurance policies since details change from carrier to carrier. Make sure to find a company you’re comfortable with and who provides a plan that suits you. 

One thing to note is that most term insurance plans tend to morph into permanent life insurance plans over time. In other words, you don’t have to make a lifelong commitment if you’re not comfortable doing so at the moment. 

Choose the Right Carrier 

Choosing the right carrier isn’t only a matter of finding a trustworthy company to work with. There are several other factors that are also important. 

Check the Rates 

First thing first, check the rates. There are plenty of options out there, and there is absolutely no reason for you to get a plan that’s too expensive. Shop around and find a carrier that offers the right combination of price and features. 

Exam or No Exam 

One of the most popular reasons why people are shopping online for life insurance is the lack of a medical exam. The exam is a deal-breaker for many people as it kinda defeats the purpose of the online insurance application. 

However, there is a rising number of carriers who don’t require an exam in order to give you a quote or a plan. Granted, this will greatly depend on any preexisting conditions you might have. In case you have any, a medical exam might be mandatory. 

Do a Brief Background Check 

Every business depends on reviews these days. The advent of the internet has made it easy to leave comments and rate companies based on the quality of services or products they offer. With that in mind, it’s not a bad idea to a brief check on your carrier, thus making sure that you’re in good hands. 

Fill Out the Application 

Once you’ve found the carrier that meets your needs, go ahead and fill out the online application. Be as truthful as you can when doing so. Failing to disclose any preexisting conditions or other issues to the insurer can result in a voided insurance policy. 

After filling out the application, you might receive a phone call from an agent. Some providers insist on doing a brief phone interview with the applicants as human-to-human interaction often reveals details a simple form can’t. 

Do You Need a Life Insurance Plan? 

In a perfect world, everyone should have life insurance. Life is far more fragile than most realize. Having a plan in place for the unlikely event of something happening to you can make all the difference to your family. 

Most life insurance plans are cheap, as well. If you can afford to, you should definitely get one. It’s a small price to pay compared to what your family might have to go through without a life insurance payout. At the end of the day, it’s all about finding that peace of mind for yourself and your loved ones. 

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