As with any important purchase you make, you should take your time researching many different online life insurance companies and options. With so many options out there, this research can become overwhelming to many people. Many companies will offer to “compare quotes from different companies” for you. In most cases, the company you are performing the online comparison with will say they are the lowest. Beware that it may appear they have the lowest price for your situation, but the policy that fits that price may not include the same options the policies from the other companies being shown include. Be sure to use at least three different company websites’ comparison tool to be certain the quotes you are given are accurate and include the options you want.
Some of the main questions to consider when shopping for online life insurance include:
- Does the policy being offered meet all of my needs?
- What are ALL of the charges associated with this policy, not just the basic cost?
- Is this an investment-type policy? If so, what are the risks and returns?
- What restrictions and conditions does this policy have?
- Is the policy or company flexible? What happens if I’m late on a payment or want to cancel?
The first step in purchasing online life insurance is to request a quote. Most companies will offer this to you for free by simply filling out an online questionnaire. Some of the questions asked include gender, marital status, what type of policy you are looking for, medical history, and contact information. After submitting the form, you will either receive a quote and detailed policy with the option to purchase right on your screen, or will be advised that an insurance agent will contact you soon with your quote. Most companies will provide the quote almost immediately online, but some prefer to deal with clients on a more personal level.
It is a good idea to still contact the company in person before purchasing a policy online if they do not contact you. The information you submit is normally stored in the company’s computer system, so an agent will be able to pull up the quoted policy without having to have you answer all the questions again. Be sure to go over all the policy details with the live agent so that there are no hidden surprises or wording confusions. It is also a good idea to confirm the option for cancellation if unsatisfied. Most companies will offer a full refund within 10 days of purchase.