The internet provides the advantage to purchase life insurance online quickly and easily while saving substantial premium dollars in the process
Once upon a time in the life insurance industry
Years before the internet was ever created, purchasing the best life insurance was a very slow and time consuming process. Captive agents that worked exclusively for one specific company such as Prudential or MetLife were the norm. This was the era before the dawn of the independent agents also known as brokers.
There was no such thing as low cost term life insurance or shopping for the best life insurance rates online. You would take what you could get because the choices were far and few between. Let’s dive in and find out what the advantages of purchasing life insurance online today really are.
Before the internet was developed
Here were your choices:
- Plan designs limited to Whole Life insurance policies.
- Minimal choices in companies that you could count on with one hand.
- Very low face amounts (death benefits).
- High premiums straight across the board.
- Captive agents with one premium quote to show their clients.
- Long draw out underwriting times.
- Major premium increases for having pre-existing medical conditions.
Years later improvements had been made such as:
- Independent agents (brokers) evolved to save the day.
- There were many more choices in companies.
- The new low cost term life insurance became available.
- Permanent universal life insurance appeared on the the market making Whole Life obsolete.
- The ability to shop the market for the best rates.
- Money saving return of premium life insurance was designed.
- The introduction of no medical exam life insurance was released.
Speaking of independent insurance agents
The entire insurance industry now utilizes independent agents also known as brokers to market all forms of insurance products. Independent agents have the major advantage of shopping the entire market. This enable them to find the best carrier at the lowest possible premiums. Captive agents on the other hand such as State Farm or Farmers only use one company. This holds true no matter what kind of insurance product you are looking for.
All the top rated companies all underwrite their applications differently. They also have their own premium structure of their very own also. It only makes sense to utilize the company that is going to offer the lowest rates. This is especially important if you have health conditions. Normally the brokers can locate the company that would be the best fit for your needs. The ability to shop the entire market gives the independent agents the greatest advantage by far.
After the internet was created
The internet opened a new door that would change the way life insurance was purchased forever. You could now compare the best life insurance rates from all the highest rated companies. The creation of the modern quote engines also made some of the biggest changes.
Life insurance can now be purchased quickly and easily thanks to:
- Quote engines instantly displaying the best rates available.
- Fast & simple telephone applications.
- No Medical Exam life insurance with 24-hour approval times.
- Quote engines displaying immediate quotes from over 40 companies.
- High-Risk life insurance for applicants with serious medical conditions.
- Liberal underwriting for folks with medical conditions or hazardous occupations.
The independent insurance agents are now an integral part of the industry. Their quote engines actually force the companies to be as competitive as possible and compete for your business. This competition would drastically prove to help reduce the insurers rates.
The modern online quoting systems with side by side comparisons have promoted the companies to lower premiums
The insurers are forced to be as competitive as possible because of the rate comparisons the quotes engines utilize to find the best rates. In the past, it was very difficult to see how the many carriers rates compared with one another. Our quoting system displays over 40 of the top rated companies side by side. This procedure answers the question of what company would offer you the lowest rates. The quote engines of today have enabled the rates to be lowered as much as 40% than in the past.
Purchasing life insurance with no medical exam
No medical exam life insurance policies do exactly what their name eludes to. You do not have to take a medical exam which most people will not miss. You can also purchase No Medical Exam life insurance online which can even offer an approval within a matter of minutes. The rates depending on the company used, will usually be higher than the standard fully underwritten plan designs. Independent agents will usually have over a dozen companies that will be very competitive with these types of policies.
Life insurance premiums have steadily been going down
The risk of people dying at younger ages have driven down the rates year after year. People today go to the doctor more often and eat better than before. Also, many have quit smoking increasing their projected lifespan. As long as this trend continues, life insurance rates should continue to go down. When an insurance carriers risk factor for paying claims goes down, the rates can also go down.
What company has the best policy for you?
Without speaking to you and knowing what your needs and goals for life insurance are. We can safely say that over 90 % of consumers find the best fit with affordable term insurance. The best policy is the one that provides the financial protection your family needs and can still be affordable. If you still have questions, read some of our many informative blog posts or call us toll free 7 days a week. We can quickly show you how to secure the best rates every time with a perfect fit to your budget.
You can see what company will provide you with the best rates by running our online quote engine on the right. You can compare the lowest quotes from over 40 of the best life insurance companies literally within seconds.
What carriers have the lowest rates?
There are many excellent life insurance companies you can choose from. The best life insurance company is going to be the company that offers you the lowest rates. This will depend on your specific information such as age, health, occupation, and lifestyle. We work with over 40 top rated companies but here is a basic list of some of the best ones. There is no such thing as one specific company that has the lowest rates.
- Banner Life
- Protective Life
- Assurity Life
- Cincinnati Life
- North American
- American General
- Principal Financial
- Lincoln Financial
- SBLI (Savings Bank Life Insurance)
How to apply for life insurance
There are three types of ways you can apply.
- Paper Applications – The paper applications are the most time consuming of all applications. Most people are intimidated by a 30-page form to complete. If your handwriting is not legible or you miss a question, the application will be delayed.
- Online Applications – The modern online applications are normally much easier for the applicant to complete. The only stipulation is the applicant must have a computer and have some basic internet experience.
- Telephone Applications – The telephone applications are by far the best way to apply for life insurance. They only take about 20-30 minutes and all you have to do is listen to the question and then answer it. It does not get any easier than this.
A lot has changed since sitting at the kitchen table
The days of consumers sitting at the table with their agent going over insurance policies is over. You can take your time and shop for the best life insurance quotes online. The best part is you can do this from the comfort of your home computer, iPad or Smartphone. Todays statistics show that over 76% of the life insurance policies are purchased online with the assistance of an independent agent. Give us a call today at 800-897-5699 and we will answer your questions and provide you with quotes over the phone.
All the best,