How to Buy Term Life Insurance Online
Term life insurance offers protection for up to thirty years, with the most common terms being ten and twenty years. The coverage builds no cash value, which is why it's less expensive than permanent or whole life insurance. The Internet has made purchasing term life insurance even easier, but it can be difficult to navigate through all the information available. You want to make sure you're entrusting a reliable company with something as important as life insurance.
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Instructions
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Make a list of insurance companies you're interested in purchasing term life insurance from by visiting a website such as Terms4Sale.com, which is a term life comparison site (See Resources section). Request an online quote from each of the companies on your list. When requesting quotes, many companies will require you to reveal health related information such as your weight, whether or not you're a smoker, and your family's health history.
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Decide on the amount of coverage you will need. You must account for many factors when making this decision, such as how many people depend on you financially, what your yearly income is, etc. Some companies calculate the lowest amount of coverage you will need by multiplying your yearly income by fifteen.
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Utilize the services of an online agent by contacting them via their company website. There are websites where you can compare prices and buy term life insurance in one shot, but your best bet at getting a good deal on the coverage you need is working with an agent.
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Find out if you qualify for preferred plus. Life insurance rates are largely dependent on your health underwriting class, which the insurance company will determine based on information you give. You may qualify for preferred plus with one company but not with another. An agent will which companies are picky about certain issues, which means they can make sure they qualify you for the best class with the right company.
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Work with the online agent to fill out all of the necessary paperwork for the term life insurance coverage you've chosen. Most of this paperwork can be done via email. The requirements may also include getting a physical and having the results sent to the agent in writing.
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Tips & Warnings
You should seriously consider buying term life insurance if you recently got married; have siblings, parents or other family members to support; are planning on or just had a baby; need to provide a college education for your children; are looking to buy or have just purchased a new house. Insurance is licensed and regulated by state, which means insurance rates are filed with a state's department of insurance. Unless a company absolutely does not sell through agents, the rate will be the same whether you buy directly from a company's website or go through an agent.
Never purchase term life insurance on a site that is unprofessional in appearance, has no contact information or is unsecured.
