5 tips to safely and easily buy life insurance online
In today’s fast-paced world, shopping, paying bills, getting a loan and even purchasing life insurance online have become very common for consumers of all ages. It’s now easier and safer than ever to buy life insurance protection through the internet, in the comfort of your own home.
Even the most established and trusted life insurance companies offer a variety of online resources to help life insurance shoppers find the coverage they need. Many provide free instant quotes, comprehensive product information, and numerous educational tools - at no obligation. They also take the highest security measures on their sites to guarantee the privacy of your personal information. With so much insight at your fingertips, you can feel good about going online to research and purchase a life insurance policy.
Here are 5 tips to help you get started when searching for life insurance online:
- Learn how much life insurance you need.
Before you compare life insurance quotes online, first consider your assets, current lifestyle, future needs and what you can afford to pay every month for a policy. Also consider how your debts or expenses may shift over time. Knowing this information upfront will help you determine the amount of coverage to receive an accurate monthly rate quote.
- Explore your coverage options.
A variety of life insurance products are available online. Common types of coverage are term life, whole life and guaranteed acceptance insurance policies. Some policies require no medical exam or blood work, just health information. The type you choose will ultimately depend on your personal needs and life stage – are you still working, retired, parenting or an empty nester? Will you need coverage just for funeral expenses or want a higher amount to cover other items? Do you want short or long-term protection? It’s smart to review the features and benefits of each type of coverage to see which policy offers the right protection for you.
- Comparison shop and be confident.
Life Insurance is an important purchase, so spending time shopping around is a good way to learn more and be confident in your final decision. Online life insurance calculators and educational articles are also very useful tools to help plan how much protection your family may need in the future. In a matter of minutes, you can request two or three life insurance rate quotes online and compare product features side-by-side. When you’re ready, you can, in most cases, take the next step and apply directly online. Typically you fill out a simple form, answer some health questions, and provide - or give the insurance company permission to obtain - additional health information. Once approved for coverage, many companies will send you a confirmation email and policy in the mail for your records.
- Check for security and privacy.
Each insurance company website should have security and privacy statements that explain their standards and policies. Be sure your personal information is protected when getting quotes or applying online by looking for: an “s” after “http” in the URL, a closed padlock symbol or icon in the address bar and a security-related logo, such as Verisign.
- Review your policy when it comes in the mail.
After you apply online, you will often receive your coverage information by mail to review. At this time, you can carefully confirm the policy details and personal information. Most companies offer immediate assistance over the phone if you have any questions. Taking an extra look at your policy before you file it away can give you even more confidence in your life insurance purchase.
In addition to the helpful tips above, take the extra step by checking national, independent financial-rating agencies such as A.M. Best or Moody’s Investors Service to view an insurance company’s financial strength. It’s important to know you are entrusting your family’s financial future and your own peace-of-mind to those with consistently high financial strength ratings.
Confidence is key when it comes to purchasing important products like life insurance online. Once you’ve done your research, take full advantage of purchasing life insurance—on your time and at your convenience.
This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.