The life insurance process, like most purchases can now take place online. If not the entire process, most of the research and sales process has been taken to the internet.
Some policies can actually be purchased 100% online. These policies often have lower coverage amounts (under $500,000) and often do not require a medical exam.
For the most part, most life insurance coverage will still require that you talk to a licensed insurance agent or salesperson to get a good rate and solid coverage.
You can certainly compare life insurance quotes online, and start the process. These quotes are often pretty accurate. Don’t be fooled and don’t start filling out a bunch of sites though. Unless you are on a life insurance carrier website, almost all of the online quotes are aggregated from the same online quoting system (compulife/term4sale). Certain websites may choose to only show the life insurance companies that they are contracted with.
The quotes they are showing will not differ from one site to the next. Similarly, quotes provided from an agent or broker should not differ. If you are talking to an agent about a policy from carrier A, and all things are equal… The policy will cost you the same whether you purchase from Agent A or Agent B. Rates are determined at the carrier level. So choose an agent you feel comfortable working with, not necessarily the one promising the lowest rate.
Here are a few tips to consider when getting life insurance quotes online:
Ask a Friend
As always, a referral or recommendation goes a long ways. See if anyone you know has purchased a policy recently. See if they had a good experience with a company or website.
Shop and Compare
Get a quote from a company with access to many life insurance companies. If you stick to just one insurance company, you may be missing out on companies that have better rates for your unique situation. Certain carriers have better rates for smokers for example
A life insurance company does not need your Social Security number to get a life insurance quote. You should be able to fill out your personal information anonymously and get an instant quote online. Also, be weary of sites that collect your information, and don’t actually show rates and then just sell off your information.
Health Rating Calculator
When you fill out information to get your life insurance quote, make sure that the questionnaire asks basic health information such as your height, weight, age, gender, and even your recent blood pressure and cholesterol readings for the most accurate rate. Otherwise, you will get a rate that may be artificially low.
You will want to make sure that the life insurance company you choose solid. There are consumer-advocate sites and financial-rating company sites, such as A.M. Best, where you can check ratings right online.