Purchasing Online Term Life Insurance

Term life insurance is a great financial planning tool that can help you with both short-term and long-term planning while you protect your assets.

As the most popular type of life insurance product sold today, term life is an affordable policy that can be customized to adhere to your financial obligations for only as long as those obligations will exist.

You get to choose the length of the term, the amount of coverage, the type of term, and also the insurer who will ultimately pay out your claim if it is ever filed.

One of the greatest things about technology is that it has not only made keeping in tough easier, it has also made conducting all types of business quicker and easier in the process.

Anyone interested in buying term life insurance the past had to speak directly with insurance agents or brokers to discuss their personalized needs, get matched to a plan, and then compare pricing.

With the advent of the Internet and intelligent online tools, consumers have the ability to do everything from the comforts of their own home.

Purchasing online term life insurance via the world wide web is much easier than you might initially assume.

As an extremely important product, it is only natural to be hesitant to shop online when there are fully licensed agents willing to help you select plans and benefit amounts.

Before you can feel comfortable and truly understand why shopping online is the best option, you must do your own homework. Here are online shopping tips and what to do to find the best term insurance plan. Be sure to compare rates instantly using the FREE quote tool above!!

Why It Is Smart to Buy Online

There are tasks in life that you avoid and buying life insurance is one of them. While there are plenty of agents that are more than happy to provide you with quotes, talking about your own mortality with someone you hardly know can be a bit difficult.

Not only is the agent a salesperson who will ultimately earn a commission on the product that you choose, they may not know exactly what you need if they fail to ask all of the right questions. Buying online has several advantages that you may have never considered.

Here are some of these advantages:

Shop When You Want, Where You Want

A majority of consumers today want to do business the most convenience way possible. Convenience is the biggest reason why e-commerce has taken off so quickly in the United States. Buying insurance is not at all the same as buying a consumer good, but when you purchase term life online you will enjoy the same benefits of buying your coverage where you want and when you want.

Life insurance agents generally only open their offices during business hours. If they are willing to come to you, it will be at a reasonable time when you may still be busy doing your own business. You no longer have to miss work or miss out on time with your family to protect them.

When you use online tools, you can request a quote at any time of the day and from any computer that had Internet access.

Give yourself the power as the consumer and price shop online. Use the FREE tool above!

Compare Pricing Without the Hassle

Do you want bargaining power? Many insurers are competing for your business, but when you do not know these businesses exist it is impossible to find the best pricing. Internet quoting systems will give you access to the rates through all of the most reputable and most secure companies.

You no longer need to pick up the phone to call many difference representatives or drive to more than one office.

You can log on to the Internet, put your information into one individual system, and you will immediately see the rate quotes that you want to see without any of the pressure that comes with dealing with professionals whose salaries depend on making a sale.

Find Insurance Companies You May Not Know About

You should always buy life insurance from an insurer that is licensed to do business where you reside.

By choosing a company licensed by your Department of Insurance, you will be protected as a consumer.

The department oversees the company, sets standards of conduct, and will investigate any claims you make if you feel you were not treated fairly.

Finding licensed insurers is easy when you use the National Association of Insurance Commissioners source that directs you to insurers licensed in your state.

Most consumers are familiar with the top name companies or the largest writers of life insurance in the marketplace.

This is because these companies have the money to promote their products through several marketing channels and to get their brand recognized.

There are other less well-known companies that charge competitive term life insurance rates and offer quality products.

When you use a rate comparison tool, you can find the companies licensed in your zip code that have a great reputation and may not be advertised nationally.

Save Money While You Save Time

The biggest reason for purchasing online term life insurance is the fact that you can save money without compromising your time. Term life insurance is a product that you must budget to pay for for a period that can last as long as 20 years.

If you choose a product that is priced just $10 more than another each month, you could be paying $120 more a year and $3600 more for 30 years of protection. If you comparison shop online, you can see all of the prices and then do your homework quickly with online sources that help consumers like you.

What to Consider Before You Shop Online

You should not just jump onto the Internet and buy the first plan that you receive a quote for.

Before you buy any type of life insurance, whether it it term or permanent, you should take the proper steps to ensure that you know the type of cover and the death benefit that you need.

Here are some tips to help you on your journey to find the best coverage:

Annual Terms, Level Terms or Decreasing Terms

There is more than one type of term that you can choose and the type of term that you select will play a role in how much you will pay for coverage.

Distinguishing between each type of term is a must.

Annual Renewable Terms

Annual terms, while they were once very popular, have decreased in popularity because the price jumps so drastically. These renewable terms only offer guaranteed pricing for one year at a time.

When you renew, you do not need to pass medical checks but may need to answer basic questions. Every year that you renew, the prices are based on your new age. This is a great option when you need immediate coverage for a trip or a large purchase, but should not become a long-term option just to avoid underwriting.

Level Terms

Level terms are more popular now because the premiums do not jump annually. When you compare annual and level term premiums, you can justify going through the medical underwriting process.

A level term will offer you level death benefits for the number of years stated on your plan. Most plans offer guaranteed premiums for the entire term of the plan, but this is something you should verify before selecting a quote.

Many level terms are renewable, but to renew you must prove that you are in good health at your new age.

Decreasing Terms

Decreasing terms are ideal for people who are certain that they will have decreasing needs for coverage over time. It is a common belief that financial obligations go down as you age and income goes up.

This creates a smaller need for coverage. Decreasing terms have decreasing premiums because the benefit will go down in intervals through the life of the policy.

How Much Coverage Do You Really Need?

One of the most difficult parts of building a term life plan is deciding how much coverage that you need. To decide on an appropriate death benefit, you have to ask yourself several questions.

You must calculate the financial burden that you will leave if you were to pass away tomorrow.

You must also calculate the cost of the expenses your family would incur, subtract other life benefits, subtract your savings, and consider how life stages can change the need in the future. Luckily, there are calculators that can help you online.

As you can see, online rate quoting systems are the way to go when you want to buy life insurance online. These advanced systems will ask you all of the questions an agent would and will match you to the insurer offering what you need.

Enter your personal information, compare the rates for different benefits, and select a term plan.

Use the FREE comparison tool below to start your search!