Numerous insurers permit the purchase of a life insurance policy entirely online. Maskot/Getty Images
Purchasing life insurance is a prudent strategy to provide for your family after your death. In certain instances, it can even act as a financial safety net while you are still living.
Neither is it difficult to acquire. In fact, several insurers let life insurance policies to be purchased entirely online.
If you are in the market for life insurance, you may get started immediately online.
Are you interested in purchasing a life insurance policy or expanding the coverage you already have? How to purchase life insurance online.
1. Determine the required amount of coverage
The initial step is to identify what sort of policy and, more critically, how much coverage you need. Whole life insurance is the best option if you desire permanent coverage. Term life insurance may serve if you only need protection until a certain point in time. There are additional policies (such as variable and universal life insurance) that permit you to withdraw cash or borrow against the cash value of your policy.
To determine how much coverage you need, you must consider your age, income, debts, and living expenses. What costs will your loved ones inherit upon your passing? You may also wish to obtain sufficient coverage to cover funeral and burial costs.
Consider at least a few alternatives, as not all life insurance providers are made equal. Get quotations from any insurers with whom you have existing coverage, such as auto or homeowner’s insurance. They may provide a discount for purchasing multiple policies from them.
You can also obtain quotations from a few different companies, but you should first investigate their customer ratings. It is crucial to choose a provider with a reputation for providing excellent customer service, as you may be tied to the firm for decades to come.
Consult with a life insurance specialist immediately, or use the chart below to begin comparing carriers.
3. Submit an application
Once you have decided on an insurance provider, you will need to complete their application in its entirety. For this, you will normally be required to supply some basic personal information and to complete a medical questionnaire. Depending on your coverage and insurer, you may also be required to have a brief phone interview or provide an Attending Physician Statement.
Accept/refuse the medical examination
A significant number of life insurance policies need a medical exam. This assists the insurer in evaluating your risk factors and determining your premiums. If you’re in good health, the exam could lower your life insurance premiums. If you are not, however, it may result in increased expenditures.
There are various types of plans to consider if you do not wish to have a medical examination. These consist of assured life insurance and group life insurance, such as that supplied by employers. Also, consider no-exam life insurance.
5. Finalize your policy
After receiving approval, you will sign your policy documents and name your beneficiaries – the loved ones you wish to receive your insurance’s payout upon your death. You will also pay your premium, either the initial monthly installment or the entire annual amount.
If you do not feel comfortable purchasing a life insurance policy online, you can instead engage directly with an independent insurance agent or broker. They can assist you in comparing insurers and policies to get the best one for your needs.
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