Getting online life insurance has become quite commonplace. More and more reputable life insurance carriers are creating websites and allowing prospective buyers to check their rates.
Most interesting though is that some of these companies provide for online purchase of the actual policies. For the time being actual purchase online is limited to term life policies.
You complete the Application Form online, your answers are verified, then your policy is issued. This is a quick and easy process if you qualify.
You can get rates for whole life online and partially complete the application but a representative usually needs to contact you to complete the transaction. In my opinion, it will not be long before all life insurance policies become available online, even the universal life and variable policies.
Typically, if you are between age 18 and age 65 you can purchase a policy for between $25,000 and $500,000 without having to do a medical examination.
If you want more than $500,000 coverage you may be asked to do a medical exam. I say may because younger people could possibly qualify for more as they are expected to live longer. You can, in some cases actually print out your policy online. The more popular policies offered are:
The 10 Year Term Policies
This policy has a level death benefit and level premium for the entire 10 years and is used for fairly short term needs.
The 15 Year Term Policies
You would use this policy to protect your family in the event of your premature death. It is imperative to consider the possibility of death especially when there are young children in the picture. They should be protected until they graduate college. The death benefit remains level and so does the premium.
The 20 Year Term Policies
For some reason when young parents think of term life insurance they investigate the 20 year term policy first. This policy is quite popular because it fits many situations. The 20 year term life insurance policy also has a level premium as well as a level death benefit.
The 30 Year Term Policies
If you are just started life with your new spouse this may be the policy for you. You need to buy your policy to protect the children but you also need to be certain your spouse can continue on after your unexpected death.
This policy, like the others mentioned, maintains a level death benefit and a level premium throughout it's life.
These online life insurance policies, that usually require no medical examination, are in some cases renewable up to age 95 without evidence of insure-ability.
After the initial period though, 10 years, 15 years, 20 years or 30 years, you may be required to pay a higher premium if you want to keep the policy in force.
You can also get quotes for larger policies on the Internet. After taking some information from you the carriers will call you and continue the transaction on the phone. In some cases an agent may need to come and see you to complete the application.
Online life insurance, term life , is here to stay because of the convenience of the idea. I, personally, am looking forward to the day when the other types of life insurance policies also can be bought online.
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