In the past, we lived in a world where personal relationships were at the center of much of what we did. We knew the staff at the local market, could greet many of our neighbors by name and were familiar with their families too.
It was a time when close-knit communities and trusted local relationships were something we could count on. Now, with a much more crowded and hectic world, our everyday interactions have changed.
We interact through social media, do a lot of our shopping online, and book our vacations ourselves instead of using the local travel agent.
While these developments have made our lives far less personal, the fast-paced technological developments have ushered us into a realm where information and choices that were never before available are now just a couple of clicks away.
Buying life insurance is just one area that the internet has revolutionized so let’s take a look at some of the reasons why you should go online instead of doing business with a physical broker.
Shopping for the Best Choice
Prior to the internet comparison shopping revolution, if you wanted to buy a policy, you probably talked to a company representative directly or consulted with a local agent who might offer products from one or two firms. After they met with you and presented your quotes, though, there wasn’t much more that you could do.
Now, aggregation sites and marketplaces let you enter shop for policies across a wide variety of companies and give you information about all of your choices. To get things started, you’ll need to fill out an online form that provides basic demographic and health information.
These sites typically function as independent insurance brokers and thus represent multiple companies that could provide the coverage that you need. Best of all, you can save a lot of money and have better choices when shopping this way.
Selling Your Policy
If you purchase permanent life coverage and are concerned that someday you may no longer need the coverage, you should know that it’s possible to sell your policy. The primary types of permanent insurance are whole life and universal life.
A sale is referred to as a life settlement, or a viatical settlement. Typically, you’ll find this option appeals to people over 65 but it may also be a good alternative for a younger person with a medical condition. If you are interested in finding out more about selling your life insurance policy you can go online.
To get an estimate on the value of your policy, you’ll generally need to provide key information such as your age, location, value of the policy, and your contact information. There will also be questions about your health status. You can request and receive a helpful guide that will take you through the process from start to finish.
Completing the Application Process
Once you complete the initial information form and receive preliminary quotes for coverage and premiums, you’ll want to complete the application form. You’ll need to provide additional personal information. After you apply, you’ll typically talk to an agent at the company and they will verify your information and will confirm your quote.
From there, they will send you forms to sign and submit. Once they receive your packet, they’ll usually schedule a medical screening exam. When all of these steps are completed, an underwriter will then review your data and finalize the policy offering, amount and premium payments.
In general, this process can take a couple of weeks and it’s always quicker if you do it online vs in-house.