From new shoes to a new car, you can buy practically anything on the internet today. But can you – and should you – buy life insurance online?
According to a recent survey, online life insurance shopping is quickly becoming a popular choice because of its convenience and speed. 29% of consumers say they intend to purchase life insurance online in 2020, compared with 17% in 2011. Unsurprisingly, those numbers are even higher for shoppers younger than 45, with nearly one in three saying they plan to purchase online.
Wondering if you should give it a try? Here’s what you need to know.
Why buy life insurance online?
Life insurance is a contract between you and your insurance company that financially protects those you love after you’re gone. If you die while the policy is active, your family receives a cash payout to use however they wish. The three major types of life insurance are term life, permanent life, and final expense.
Some of the benefits of buying life insurance online include:
- Convenience. Shop and buy when and wherever works best for you, instead of having to make an in-person appointment. You can browse life insurance quote options from your couch at home, work, or on the go from any desktop or mobile device.
- Immediate coverage. Buying online means qualified customers can apply for a policy and get covered in the same day, without waiting weeks for an insurance company to review your application.
- No medical exam. Not a fan of needles? If you’re in good health, buying online means you can skip the life insurance medical exam altogether.
While buying online is a good choice for many families, you may want to go another route if you have more complex needs. Health problems, being previously denied coverage, and needing larger amounts of coverage or more complex products, like permanent life, are all great reasons to speak to an agent directly.
What to consider when buying online
Not all online life insurance is created equal. Here are a few questions to ask as you consider where to buy:
- Can I figure out what type of policy I need?
More than half (52%) of consumers don’t know what type of insurance they need or how much coverage to get. Look for insurance companies that walk you through the basics of their products, such as term life, permanent life, and final expense, to get a sense of what will work for your situation. Term life insurance tends to be the most popular choice for most families. Fidelity Life also has an easy-to-use online life insurance calculator to help you find your ideal amount of coverage.
- Can I get a customized quote?
Online insurance tools should make it easy to compare prices and plans to decide what’s right for you. Look for insurance quotes with recommended coverage amounts and policy lengths that you can customize to fit your needs.
- Can I easily complete the application on my own?
An online application should be straightforward and easy to complete, without overwhelming you with industry jargon or legal terms. It should also tell you exactly why the provider needs your personal and health information, so you can submit your application securely with confidence. To speed up the process, think about who you want to name as your beneficiary beforehand and have your driver’s license and credit card on hand as you apply. Our RAPIDecision® Life online application takes about 10 minutes to complete – so you can get covered and get back to the rest of your day.
- Can I actually buy online?
Some companies offer a quick and easy application process, but you still have to wait for approval and purchase the policy later. Buying insurance online should mean getting an underwriting decision in minutes, so you can pay and get covered right away. In many cases, Fidelity Life can get you covered immediately, with no medical exam or extensive interview required, and you can pay right away with a credit card. In some cases, we may reach out with follow-up questions as part of the approval process.
- Can I talk to a real person if I need to?
Personalized guidance is an important part of the life insurance buying process. Look for companies that offer agent support as you choose and apply for your policy and customer service after you’ve purchased one.
Ready to buy your life insurance policy online?
Fidelity Life lets you shop, compare, and apply online for life insurance in minutes, with experienced agents here to help if you have questions. We’re committed to making life insurance simple and affordable for you and your family. Start your Fidelity Life quote today.
At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.
