Shopping for life insurance can be a difficult process. There are thousands and thousands of different companies on the market and dozens of different plans that you’ll need to choose from. It can be overwhelming and difficult to find the best policy, but it doesn’t have to be.
The Internet has made shopping easy and convenient for just about anything you can imagine. Today, people are even purchasing cars and homes online – so why not consider buying life insurance via the World Wide Web by comparing online life insurance quotes?
Throughout the years, most consumers have been educated about and sold life insurance in person. But thanks to updated quote technology, there are many advantages to shopping for and comparing coverage options directly from the comfort of your own home computer.
Apples To Apples And Then Some!
The method of obtaining life insurance quotes online has allowed consumers to compare many different types of life insurance plans from multiple carriers quickly and conveniently. By allowing website visitors to plug in various policy options, shoppers are also able to put together plans that best fit the needs of their own specific situation and budget.
In addition, viewing and comparing quotes for life insurance on the internet can actually save policy holders money. This is because the insurers’ costs for overhead and paperwork are cut considerably by presenting online quotes. Oftentimes, insurance companies may even offer policy holders additional premium discounts for going “paperless” and paying their premiums online as versus sending in a paper check.
Considerations While Comparing Life Insurance Quotes
While the Internet can make buying life insurance fast and easy, there are some important factors that need to be considered while comparing life insurance quotes. Keeping these factors in mind can help in narrowing down how much coverage you may – or may not – need, as well as in determining the type of plan to purchase. These criteria include:
- How much of your income should be replaced? One of the biggest reasons people purchase life insurance is to replace the insured’s income. With this in mind, be sure that the insurance quote you obtain gives you an accurate idea of how much income will need to be replaced, as well as for how long, in order to allow your loved ones to maintain their current lifestyle.
- How much should you allocate for final expenses? Today, the average funeral can cost in excess of $10,000. This, however, does not account for other potential medical expenses that may be incurred. Here, be sure to factor in an adequate amount of funeral, burial, medical, and related expenses.
- What debts do you have that should be paid off with your life insurance proceeds? You will need to get a figure on how much debt you have in total that you would ideally like to have paid off if the unthinkable should occur. In this case, do you have a mortgage? A car loan? Credit card debt? Any personal or business loans? All of these need to be added up in order to determine the amount that your loved ones would be saddled with in the event of your death – and how much they would need to pay off with life insurance proceeds.
- What about estate taxes? Contrary to popular belief, estate taxes do not just affect the wealthy. And, those who are impacted by these taxes can end up paying in excess of 50% of their overall estate value in some cases. Therefore, be sure that you have enough insurance to help reduce or eliminate any estate tax burden that your loved ones may be responsible for paying. (Note that there are certain strategies that are necessary for keeping life insurance proceeds out of an estate for the purpose of taxation.)
Keep Your Policy Proceeds in Line with Inflation
After carefully comparing different life insurance quotes, you will come up with an approximate figure for your life insurance policy death benefit; however, it is important to remember that inflation will also play a big part in how adequate that amount will be over time. This is especially the case if you have young children who will depend on those proceeds for a long period of time. Therefore, it will be essential to regularly review your coverage.
Ensuring a Reputable Online Source
When accessing a website for life insurance quotes or purchasing life insurance coverage online, it is also important to ensure that the company you are buying through is reputable. Today, many top rated life insurance companies are now offering their products online. In addition, there are many additional sources where you can find more information regarding a company’s background, claims paying ability, reputation, and overall financial strength.
Types of Life Insurance
When you’re shopping for life insurance, it’s important that you understand each kind of policy and its advantages to ensure that you’re getting the best policy available for you.
The most common type of life insurance is term insurance plans. These policies are bought with an expiration date attached to them, and after that date, you’ll no longer have life insurance protection. These plans are the most affordable option for coverage.
The other most popular option for coverage is to buy a whole life insurance plan, which is a permanent form of coverage. As long as you pay the premiums for the plan, you’ll have life insurance. These plans are a great option for anyone that doesn’t want to have to reapply for life insurance in the future. Because these plans don’t have an expiration date, they are going to be more expensive.
Another option is to buy a no exam policy. These plans allow you to get insurance coverage without being required to take a medical exam before being approved for life insurance. This is a great choice for anyone that’s been declined in the past.
Getting Affordable Life Insurance
One of the most common reasons that people don’t buy life insurance is because they assume that it’s going to be too expensive to fit in their budget. In most cases, that couldn’t be further from the truth. There are several ways that you can ensure that you’re securing the best rates for your life insurance plan. Making a few simple lifestyle changes can help you save thousands of dollars on your life insurance plan.
Every insurance company is different, which means that all of the companies are going to give you different rates based on your age and health. It’s important that you compare dozens of quotes before you decide which company is going to work best for you. Thankfully, using the internet, it makes it very easy to compare dozens of quotes instantly. There are several other things that you can do to get better premiums. If you are searching for life insurance with pre existing conditions or life insurance for seniors, we can certainly help.
Another way to save money is to start hitting the gym and sticking to a regular diet. Both of these are a great way to help lose weight, lower your cholesterol, lower your blood pressure, and drastically reduce your chance of being diagnosed with severe health complications. If you want to get lower premiums for your life insurance, you’ll need to lace up those running shoes and throw out the junk food.
Another excellent way to save money is to eliminate any tobacco that you use. If you’re listed as a smoker on your application, you can expect to pay much higher premiums for your life insurance plan. Smoking cigarettes is going to drastically increase your risk of having cardiovascular problems, which means that you’re going to pay higher insurance fees. If you want to get the cheapest policy possible, you’ll need to kick the bad habit to the curb. If you would like to learn about life insurance for high risk individuals, we can answer your questions and get you the coverage you deserve.
Online Life Insurance Coverage
Life insurance is one of the most important purchases that you’ll ever make for your loved ones. It’s the best way to ensure that your loved ones have the money that they need, regardless of what happens to you. We know that finding the perfect life insurance plan can be a frustrating process, but it doesn’t have to be. Our independent insurance agents can help connect you with the perfect plan to meet your needs.
If you have any questions about life insurance or about getting life insurance online, please contact one of our agents today and we would be happy to answer those questions. It’s our mission to ensure that you’re getting the best rates available to you.
If something tragic were to happen to you, and you didn’t have life insurance coverage, your loved ones would be left with a massive amount of debt and unpaid expenses. The mountain of debt is going to make an already difficult situation a thousand times worse. Nobody wants to think about his or her own death, but it’s important that you plan for the worst.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance protection that your family will need. Contact one of our agents today and we can get the process started.