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Is Buying Life Insurance Online A Good Option?

There are different types of life insurance and term life is only one among them. It requires proper attention because the carriers and the insurance agents are not giving much publicity to it for the reasons unknown. Yet, independent experts highly recommend it for insurance purpose. If you meet certain criteria, it can provide a large death benefit at a very affordable rate.

It is a fact that a term life is sold only for a limited period of time. For that matter, nobody needs life insurance coverage for his whole life. The people who buy whole life insurance also cash out the policy after stipulated years. The policy doesn’t include saving component is not an issue either. All cash value policies which provide an investment opportunity along with Insurance Benefits are expensive because they offer such an opportunity. Hence you need to pay extra for these in order to get these benefits.

Investment and insurance are two different issues. If you buy low cost term life for insurance and invest the difference in suitable funds to grow your asset you will have two distinct advantages:

• If you die while the policy is in force, your beneficiary will receive both the Insurance Benefits as well as the investment amount. In case of the cash value policies, the carriers will hand out only the death benefit not the cash value accrued. This happens in spite of the fact that the cash value has been accrued using part of the premium you had paid.

• If you keep your insurance and investment separate, you can easily take out your investments if needed without affecting your insurance coverage. In case of cash value policies if you want to take out your investments in your lifetime, you will have to give up your policy and thereby lose the coverage.

Therefore, if you are wise and have interest in insurance, you should buy only a term life policy. The purchase process of a policy always starts with receiving term life insurance quotes. Let us have a look at the quote form first. It has the following fields:
• Name of your state
• Date of birth
• Height & Weight
• Health class
• Tobacco use
• Coverage term
• Coverage amount
Premium payment mode

In fact, if you study a quote form, you will understand that: the amount of quote, on which the actual rates are based, depend on these factors. Secondly, the actual policy price depends upon your age and health condition at the time of policy purchase. So if you want the coverage at a reasonable rate, you must buy the policy while you are still young and healthy with right body mass index.

The quotes also depend upon your health class. There are four of them and if you are not sure to which class you belong, always consult the guide you will find attached to the quote form. Tobacco use also increases the rates drastically. If you want the coverage at a reasonable rate, you must quit the habit at least a year prior to applying. The mandatory medical test that the carriers expect you to undergo is another important factor. Today we can buy life insurance online only; such policies do not require you to undergo any medical test, but are rather expensive.

Now, the main USP of these online policies is instant coverage. While a fully underwritten policy takes four to six week to complete their underwriting process, these policies provide the coverage almost instantly. Today, we have different categories of these instant life insurance policies. The simplified issue policies for example require you to answer some health questions, but the guaranteed benefit policies exempts you even from that. Naturally, the later variety is priced even higher. In fact, the guaranteed policies are bought only by those who have earlier been refused coverage, but need it all the same.

Before going to buy any policy, first you decide the coverage amount and coverage term. Ideally, the amount should replace the money you bring in every month which may not always be possible. If you are not sure, multiply your annual income minus tax by fifteen; you should also consider your assets, liabilities, living standards as well as the aspiration of your family before you come to any definite amount. As for coverage term, it can be until you are sixty-five or until you are ready for self-insurance. Don’t forget that the cost of insurance depends on these factors also.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life assurance and cheap term life insurance quotes, visit his site today.
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