Guide to Buying Life Insurance Online
The life insurance industry has evolved quite a bit over time. In the past, the process of buying life insurance usually meant visiting a local agent’s office and buying whatever product their company offered. In other words, your choices were limited in terms of advice and products. The internet has completely changed the landscape for buying life insurance – in a good way. The internet has now given consumers online tools to educate themselves and comparison shop before even speaking to an agent. This post will show you what to consider when buying life insurance online.
Finding the Right Online Insurance Agent
When buying life insurance online, it is best to work with an agent that offers products from multiple insurers. You might be tempted to use a big company like SelectQuote, but bigger is not always better. In many cases, these call center type agencies will treat you like a number and not a valued customer. In most cases, you will not have a dedicated agent who can monitor your situation regularly. Life insurance is not a set it and forget it product. Your agent should review your specific coverage needs annually. Smaller agencies like ours can offer more personalized service that will last throughout the life of your policy. If you need questions answered or changes made to your policy, you will have access to a dedicated agent who is familiar with your case.
Premiums are the Same No Matter Which Agency You Use
Buying life insurance from a large agency or directly from the insurer does not offer any savings. The price for life insurance is set by each company based on the applicant’s age, sex, health class and type of coverage (term or permanent). For instance, buying a 20 year term policy from Met Life for $1,000,000 of coverage will cost you the same amount no matter which agency you use. The key is to find an agency that can shop your case to multiple companies to find you the best match based on your specific needs.
Getting an Accurate Quote
Almost every life insurance website has a quoting system, ours included. It will ask some basic information about your state of residence, age, sex, if you smoke, the type of coverage you are looking for and your health rating. You probably know the answer to all of these questions except for your health rating. If you have no health issues, your weight is in check and you don’t have any dangerous hobbies, you’re most likely going to fall into one of the ‘preferred’ health classes. Where health ratings start to get tricky is if you have specific health issues or high risk lifestyle factors (extreme hobbies, travel to dangerous areas etc.). In this case, an online quote will most likely not give you an accurate assessment of your health class. It is better to contact an independent agent who can informally shop your case to multiple underwriters. This will give you an idea of what you’re up against before filling out an application. If you have certain health issues or high risk lifestyle factors, we can give you a no obligation health rating assessment based on the particulars of your situation.
Filling Out an Application
Technology has come a long way in the life insurance industry. Almost all of the top insurance carriers offer technology that allows agents to take applications over the phone and customers to sign their policy via e-signature technology. Several companies out there even allow the first premium installment to be paid by credit card. Paramedical exams can be taken in the comfort of your own home at a time that is convenient for you, even before work or on weekends. The process for buying life insurance has never been easier.
Customer Service Using an Online Agency
Your agent doesn’t have to be local to give you the personal service you want and deserve. Technology has allowed online agents to offer pretty much the same personal service that you could get from your local agent. Want a face to face meeting? Services such as Skype will allow you to communicate with your agent face to face if you want. There are also other services out there to make the experience more personal if that is important to you. Once you’ve purchased a policy, the most important thing is that your agent communicates with you on a regular basis to monitor your life insurance needs. Many agents never follow up with clients after they’ve sold them a policy. The unexpected can always happen in life whether it is divorce, having a child or going through a life changing health issue. All of these things could impact your life insurance needs. Your agent should check in with you annually to make sure you have the right coverage to meet any changing needs.
The Key to Buying Life Insurance Online
Buying life insurance online has become very common as technology has made the process much easier. The key is to use the right independent agency that will not only match your needs with the best product at the best price, but one that will also provide excellent customer service once the policy is in force. If you use one of the large call center type companies, you might not get the attention you deserve. You should consider using an independent agency that represents multiple insurers and offers access to your own dedicated agent.
Our Process for Buying Life Insurance Online
We strive to educate consumers on the subject of life insurance with our website and blog. Even if you don’t use us as your agency, we will be happy to answer any questions that you have about life insurance. Our goal has always been to develop lasting relationships with our clients that are built on trust. If you work with us, you can be assured that you will have a dedicated agent that will understand your goals and monitor your coverage needs throughout the life of your policy. If you have specific needs that have to be addressed from the standpoint of health issues, high risk lifestyle issues or insurance planning, we can help. We shop over 40 of the top life insurance companies and will find you the best coverage for your situation. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com with any questions you might have about life insurance.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
