Life Insurance Policy Details Online – Buying life insurance online can feel overwhelming. As of early 2022, a quick Google search for “life insurance” returns over 1.2
Results. Add these to TV commercials, spam emails, text messages and snail mail, and it’s easy to see why consumers are spoiled for choice when shopping for life insurance online. There are too many options and too many details to compare.
Life Insurance Policy Details Online
Today we’re going to cut through all the marketing noise and give you an unbiased guide to buying life insurance online. By the end of this paragraph, you’ll know how to buy life insurance online, what to look for when comparing life insurance policies, and what to expect when you apply.
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Ignore every ad, postcard or spam email you’ve ever seen. There are only two main types of life insurance:
ALL life insurance policies you can buy online fall into these categories. Some of them have bells and whistles, or you might hear them called “final cost insurance,” “whole life insurance,” or “accidental death benefit.” But if you read one thing online today, let’s repeat: all life insurance policies fall into one of these categories.
Whole life insurance is sometimes called “permanent life insurance”. And “universal” policies fall under this umbrella, as do “youth” or children’s life policies offered by companies like Gerber.
If you buy life insurance when you are 25, you will pay the same amount for the policy when you are 75.
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Another important point is that whole life insurance policies build cash value. The seller deposits a portion of your money each month on your behalf. It takes several years of premium payments to have a significant cash value saved. But you can access these funds later to help cover emergencies. Just know that you have to pay them back quickly or you’ll end up paying interest.
A lifetime cash value can be a great tool. For example, imagine that your freshly maintained refrigerator dies five days before the due date. You can take cash from your whole life insurance policy, buy a new fridge and groceries and pay it off on payday, interest free.
And if you find you no longer need the policy, you can acquire it or sell it to a life settlement agent.
Term life insurance works a little differently. You will enter into an agreement with the insurer, but only for a fixed period of time. That period can be five, 10 or even 30 years. But when that period is over, you sign a new contract if you still need life insurance. Your premium will increase (significantly) as you age, and there is no cash value.
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The advantage of term insurance policies is that they offer a high cost of premium payment that is affordable. A healthy 40-year-old man would pay $30 for $100,000 in term premiums over the next ten years, or $30 for $15,000 in whole life coverage, for the rest of his life.
Therefore, to make the best choice when buying life insurance online, you need to have a good idea of your budget and know how much life insurance you need. And remember, there is no rule that says you can only have one policy or one type of policy. Many people have term and whole life policies.
Stand up. Belongs to. Before we get into the realm of buying life insurance online, the unbiased answer is this: The first place you should get a new life insurance quote is from the policy you already use. You may be able to get a discount on your home, renters or auto insurance by adding a new life insurance policy. In the insurance industry, we call it “bundling”. With enough discount on your home and car, the new life insurance policy can almost pay for itself.
In other words, if you get $75 a month in life insurance premium discounts, you spend an additional $5 on life insurance. By using packages you can get great benefits.
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AND, if your family uses two or more insurance companies (Geico for auto and Allstate for home), get life insurance quotes from all of them. You can get two life insurance policies, two sets of discounts and spend a lot less money on life insurance.
But you’ve probably already done this. Perhaps you are not satisfied with the rates or coverage offered by your insurance company and you are ready to search for life insurance online. Let’s go there.
Now that you know the difference between term and life policies, your research time will be cut in half. Go to your favorite search engine, do a search and include other important details like your budget. Or try these things:
Depending on the search engine and your query, you can get millions of results. Each of them will require you to fill out an application. And each request can lead to tons of spam emails and multiple phone calls from agents. So don’t fill out 10 applications now. Start with just a few.
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Most insurance companies will ask you to complete a quick physical before covering you. This is especially true for large whole life policies. Although this seems like a simple thing, it is not a big deal. Life insurance companies have agreements with medical personnel and laboratories throughout the country. They will send a lab technician to your door to take your blood pressure and monitor you. Here’s what you need to know:
Life insurance medical exams are not difficult. Insurance companies only want to know if you are healthy enough to be insured. If a technician comes to your home to find out you’re on hospice, they won’t confirm it. Can you blame them? They plan to write a big check when you die, they don’t want to write that check too soon.
If you’re young and very healthy, it’s worth jumping through these hoops. You get better coverage in your monthly premium.
But if you’re old, don’t care to deal with the physical, or have health issues, you can get life insurance without a medical exam. These will always be term policies, and you will pay less for them.
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If you’re hoping to buy life insurance online without a medical exam, look for just that online. Plugin: “Buy life insurance without a medical exam.” Your options are endless. Also fill out an application or two. They will get back to you quickly. You may even be able to buy your life insurance online with a credit card and application.
The second most important point you will learn today is this: be completely honest with your life insurance. Life insurance companies access your medical records, call your doctors, send technicians to check on you, and more. They may share this information with other insurance companies.
So even if you’re tempted to mention your age or health, don’t. They will find out the truth and they will consider your behavior a “moral hazard”. Could misrepresenting your age or health on a life insurance application affect your future auto insurance rates? It is possible!
In our age of powerful technology, all insurance companies share information. After being declared a moral hazard – the kind of person who lies to insurance companies – and Company A, Companies B, C and D can find out. So be honest. Even if you are not very healthy, smoke, or are 88 years old, there is a life insurance company out there that will take care of your business.
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If you plan to buy life insurance online, you will be able to answer most of the application questions easily. Common questions include:
From a licensed insurance agent’s point of view, the hiccup in any life insurance application usually starts with the information provided by the beneficiaries. You must have accurate information about your beneficiaries going forward. It means:
Also, be prepared to assign a second beneficiary. The life insurance company must know the other person or organization that can receive your death benefits. This happens if your primary beneficiary dies or becomes unavailable.
In summary, you will need your personal information, the primary beneficiary’s contact information, and the secondary beneficiary’s contact information.
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A life insurance contract may be the longest contract you will ever sign. We are not talking about paper; we mean that whole life insurance can last for 90 years or more. That’s three times as much as a 30-year mortgage. When you buy life insurance online, you need to be sure that the company will tolerate it.
Most consumers do not know that life insurance companies are rated by five different organizations. And honestly, that’s a blog for another day. Just know that each insurance company will promote their best “A+” rating whenever they can, but the other four consumer protection organizations may not measure up. Don’t just dive into the cheapest life insurance you find online, make sure the company stays
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