Most Consumers will agree that purchasing life insurance is about as fun as riding a donkey across the desert. While we all know we need it for our family, we tend to put it at the bottom of the list of to do’s simply due to inconvenience. In the current day most families are extremely busy with work and family and may find it difficult to set up a time to meet with an agent. Taking into account these obstacles how can state of the art technology change the way consumers shop for and purchase life insurance?
The Consumer Online Search Trend
There has been a online shopping trend emerging since the early 1990’s when insurance marketers first began offering quoting aggregators to consumers seeking insurance comparisons. Since then consumer comfort level has increased using the Internet to both search and shop for auto, health and most recently life insurance. Statistically fewer consumers are searching the phone directories and are directing their search towards the Internet for fast results. People seem to be just as comfortable working with a local or national agency they found on the web as they were in years past with the local door to door insurance salesman. Many of the top trusted insurance carriers now offer online insurance quoting as evidenced by the advertising of the domain names and 1-800 numbers in publications and on television in recent years. Today these carriers offer a combination of real time quote engine, simplified issue underwriting, online applications and e-signatures in order to expedite the underwriting process and make the whole process easier for the life insurance purchaser.
Life Insurance is too Complicated To Purchase Online?
Some forms of Life insurance such as variable life, universal life and investment type policies may require a more hands on approach, most families purchase term because it is cost effective and serves a purpose during the highest risk years when you own a home and have young children and a spouse to protect. Term insurance is not complicated if you know what your looking for here are a few guidelines to consider when searching online;
Simplified Issue Life Insurance is Fast
If your relatively healthy no more than one or two minor health issues like arthritis and cholesterol or there are no health issues of which you are aware of you can usually qualify for the non –medical life insurance. This is the path of least resistance, and does not require a physical exam, which consists of blood and urine to check for any health issues or abnormal readings. You can quote and apply directly online from the agent/agencies website if you choose. These policies are typically issued for standard or better rating classes by simply asking a few health questions and issuing the policy on accept /reject basis. You should be aware that online term insurance purchases are limited to $500,000 for this type of application method. Also verify that the policy has a guaranteed premium for the length of the term period and will not increase during the term, and that that it does have a level death benefit upon the death of the insured. Lastly do not confuse accidental death insurance with straight term life insurance.
Use a Licensed Agent that uses Technology
The other option when searching for life insurance online is to run life insurance comparisons on quote engines, however be care full to avoid the websites that say they do not sell insurance but simply send out your info for agents to compete. These website companies are created only to sell your data to a multitude of agents. Simply run your quote directly on the agent /agencies website, this way you will only be contacted by an agent from that organization and your personal information will be kept private. By utilizing an agent/ broker you can shop for the best rate from among many of the top carriers, but more importantly an agent can help guide you to the carrier that will give you the best rate class for your health. All carriers have different underwriting guidelines and a broker/ agent who has some knowledge of these carriers can help you obtain an approval if you have some health concerns. Many agents today use state of the art technology platforms that connect directly to the carriers and can take you application over the phone and electronically schedule the physical exam during the application process and have the examiner bring the application for your signature at the date of the exam. The carrier pays for the exam so you essentially are able to get an approval, support from an agent and be provided an offer prior to accepting the policy terms. Even if you qualify for the non medical life insurance an agent can save you vital time by taking the application by phone and help you avoid carriers that will not approve you.
While many insurance companies are marketing directly to consumers remember the independent broker can typically offer you a multitude of options for your health, age and weight from a variety of the top trusted carriers insuring that you obtain the most affordable coverage to protect your family's needs if you were unable to do so. This is a technology tool that allows life insurance buyers to benefit from an agent’s knowledge of companies and underwriting guidelines, the ability to reduce the application and approval process from months to days or minutes and generally improves the overall buying experience.
Christopher Beard is a life insurance agent who uses automation to simplify the consumer buying experience. He is the president of Trinity 1 Financial Group and works with clients select the right carrier for life and health insurance to insure approval at the best rates for there health and age.
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