Founder, Abrams Insurance Solutions, Inc., San Diego, CA
If you decide to buy life insurance online, let me clarify one important point about the cost. Whether you go to my website, any other insurance website, or meet with any agent in the country, the price for a particular insurance policy will be the exact same, regardless of where you buy it. Life insurance premiums are fixed by the insurance company and no one is given preferential pricing.
I think it can be helpful to do some initial research online, but it is of utmost importance to discuss your particular situation with a knowledgeable agent. You can run insurance quotes on many websites, but the cost is only an estimate until the insurance company approves your rate class and the policy. I have seen several instances where someone sees a low price, goes through the application process, and gets a different rating than they applied for. Then the premium is much more expensive than what they first saw. This could have been prevented by speaking with an agent first who can do some preliminary underwriting and guide that client toward a company that will offer the highest rating and lowest premium for their unique circumstances.
My advice for purchasing life insurance online would be to work with a knowledgeable advisor who can help you sort through the many options. The price will be the same and the advice and guidance will be free.
There are several online portals that sell life insurance direct to consumers. Online purchasing is predicated on the consumer knowing their medical condition, which is rare. Because of the inaccurate health descriptions consumers give to online portals, many if these policies are not issued as applied for resulting in 35-40% not taken applications. No one should purchase online life insurance without their full understanding of the questions asked on the application and the medical requirements necessary to secure the best coverage.
Chris has some great advice for purchasing Life Insurance online. After doing this exclusively for 12 years, I can zip through the questions pretty fast and give a pretty accurate ballpark of what your best rate will be. But it still takes some time and us agents HAVE to cover certain details with you, or our quote is just a GUESS. And that guess is not what your policy is going to end up costing.
Once you have found the best policy to apply for, the process is different for each product. A good online agency will inform you of the next steps and consistently guide you through it until there is a policy in your hand.
.JPG){kind=avatar}
I think it can be helpful to do some initial research online, but it is of utmost importance to discuss your particular situation with a knowledgeable agent. You can run insurance quotes on many websites, but the cost is only an estimate until the insurance company approves your rate class and the policy. I have seen several instances where someone sees a low price, goes through the application process, and gets a different rating than they applied for. Then the premium is much more expensive than what they first saw. This could have been prevented by speaking with an agent first who can do some preliminary underwriting and guide that client toward a company that will offer the highest rating and lowest premium for their unique circumstances.
My advice for purchasing life insurance online would be to work with a knowledgeable advisor who can help you sort through the many options. The price will be the same and the advice and guidance will be free.
Once you have found the best policy to apply for, the process is different for each product. A good online agency will inform you of the next steps and consistently guide you through it until there is a policy in your hand.