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Shopping for life insurance is not as difficult as it once was. Traditionally, you had no option but to visit a life insurance agent or call them directly to have a long and drawn out conversation where you were persuaded to buy large policies with expensive premiums.
Because the process was such a daunting and involved one, consumers rarely would compare the insurance rates to find the best priced plan with a reputable insurer. Now, with the growing popularity of conducting business online, businesses and consumers are connecting in a new and more convenient way.
Getting online life insurance rates makes the mission of finding protection for your family one that is quicker and easier and than ever before.
Not only can you compare the rates for different types of insurance, you can also price the cost of insurance with many different providers so that you get the most bang for your buck.
This guide to getting online life insurance rates will help you understand the benefits of shopping online, what you will need for a quote, and which platforms are the easiest to use.
Make sure to check out the FREE comparison tool located at the top of this page to start your search for life insurance!
What are the benefits of shopping for life insurance online?
Choosing to live each day of your life without life insurance can be a risky decision. You never know when you could get into an accident, get injured, fall ill, or pass away.
Life insurance is a form of financial protection that will guard you against financial loss when you lose your life just like home insurance protects you if you lose your home in an accident.
By buying insurance, you are not taking a gamble because the financial burden your family would suffer is passed on to the insurer. While you may understand that insurance will help you eliminate risk, the first step is finding the right type of coverage and then the right benefit amount.
Many would procrastinate and put off buying insurance because they simply did not want to take spend their lunch break in another office buying insurance. With online quoting platforms, you do not have to procrastinate and live at-risk.
Here are the benefits of getting your online quotes instead of going into the office:
Stay Comfortable As You Shop
Sitting in an insurance agent’s office that you do not have a relationship with can be awkward. You are not sure if that agent has your best interest in mind or they are just trying to meet a premium or policy quota.
If you are more comfortable using technology to your advantage to not only compare policy types, but also to comparison shop the premiums, you can stay comfortable and shop in your pajamas in your living room any time of the day or night.
With so many different trusted and notable resources to use for your financial planning online, you do not have to meet with an agent just to find the best price and the right insurance.
Save Time and Money on Gas
Gas is far from cheap these days, and going to several different agents offices spread throughout your city can be expensive and time-consuming. By using online quote tools, you do not have to get in your car and face all of the traffic to compare prices with different insurers.
While there are agents you can speak with on the phone for quotes, not everyone wants to wait on hold just to discuss price quotes they cannot see with their own eyes. By using the Internet, there is no commute, no stop at the gas station and no annoying hold music.
Shop on Your Own Schedule
There is nothing more frustrating than working a 9 to 5 job just to discover that your local agencies are also only open from 9 to 5.
This leaves you your lunch hours to shop for coverage face-to-face. Instead of calling in sick or spending your lunch rushing back and forth to an office down the street, you can shop after work, on the weekend or even after you have put the kids down for bed.
Getting online life insurance rate quotes means that you do not have to shop on an agent’s schedule.
Instead, you have the power as a consumer and can decide what time is right for you.
Get Several Rates At Once Without Paying a Fee
If you decide to visit an exclusive agent’s office to buy individual insurance, you will only be given the rates through that insurer. You are left spending more time getting quotes with other offices once you leave just to feel comfortable with the choice that you eventually make.
You do not know that an exclusive agent is held captive in the sense that they cannot sell other insurance products sold by other insurance companies.
You can work with a broker who have the freedom to sell products that are underwritten by many different insurers he or she has a contract with, but that broker will charge you a fee for making recommendations. So in addition to paying for your premiums, your initial payment will include a brokerage fee.
If you choose an online platform to shop on, you do not have to spend time getting rates with several carriers and you also do not typically have to pay a brokerage fee.
The cost to operate an online brokerage style of system is much lower, and because of this reduced operational costs, the platforms do not need to charge consumers looking for a bargain more money to find that bargain.
You can find low-cost premiums through the intelligent online quoting programs that give you more buying power as a consumer.
Get More Buying Power
The Internet has given the consumer the power. According to the non-profit agency Life Happens, the statistics show that prefer to buy insurance on the Internet or over the phone.
Conversely, the number of consumers buying face-to-face is down by about 20 percent. This is because the Internet has fundamentally changed buying practices and consumers realize that they have more buying power when they use search engines.
What do you need to get an online life insurance rate?
Before you to apply for life insurance, you will need to provide specific information for an accurate quote. It is very important that you are as honest as possible when you fill out the quoting form to avoid getting misquoted.
Your application will be underwritten once it is submitted, and the only way that the rate will match your quote is if the underwriter does not find medical records that you did not disclose.
If there are dishonest answers or you misrepresent yourself, you may pay higher premiums or be denied for coverage all together. Here is some of the information that you may need to provide in the quote and when filling out your application
- Gender, Date of Birth
- State of residence
- Type of policy
- Amount of Coverage
- Have you purchased coverage in the past?
- Smoker, Non-smoker (will be verified)
- Height and weight (will be verified)
- Medical conditions that put you at-risk
- Last doctor visit
- Travel abroad to dangerous territories
- Hazardous hobbies or occupation
- Driver license (for driver history check)
- Family medical history
If you have all of this information, you should be able to provide a good picture of your situation so that the insurer is able to choose the right rating classification during the quote process because rates are all about risk.
For example, you should not reference Preferred class quotes if you have high blood pressure, high cholesterol, or you are overweight.
Be realistic and always consider the worst case scenario when you are referencing different rate classes.
Which quoting platforms are the best?
There is more than one way that you can use the Internet to get rate quotes. Insurers themselves have spent a great deal of money having rating and quoting systems developed by software engineers so that they can satisfy their clients and also keep the cost of giving quotes down.
This is a good way of getting a quote if you do not want to compare pricing and you know exactly which insurer you want to do business with.
If you have not yet chosen a reputable and financially stable insurer, you want to use a more advanced quoting tool that gives you access to the rates with more than one carrier. By doing this, you can save time by entering your information once and comparing the rates directly on your screen.
Technology has changed the way the modern consumer communicates with companies and ultimately chooses a product or service. If you want to buy life coverage for financial protection or to pass on a legacy, price shopping is crucial.
Getting online life insurance rates will put the power in your hands to find affordable coverage that suits your personal needs and that will offer your family all of the financial protection that they need.
Use our FREE comparison quote tool below to get started!