And it’s true: Online life insurance companies do things a bit differently than traditional insurers. But sometimes different can be better.
Here, we break down the top 8 most important things to know about online life insurance to help you decide if it’s right for you.
1. Online life insurance is legit.
Yes, there is such a thing as online life insurance. Life insurance policies can now be purchased online, offering greater convenience and ease of comparison. This is particularly beneficial for those who prefer doing their own research and shopping at their own pace.
If you’ve seen ads or done google searches about it, you may have landed upon companies you haven’t heard of before and wondered if they are real. The truth is there are many new fintech companies entering the marketplace all the time, and some of them are better suited for you than others. That’s why it’s important to do your due diligence to make sure that you are working with a reputable online life insurance provider that offers products and services that meet your needs. Be sure to check out review sites like BBB, Trustpilot and more to hear from customers.\ \ Types of Policies: Just like traditional life insurance, online life insurance also comes in various types such as term life, whole life, and universal life insurance. Understanding the difference between these is essential before purchasing a policy.
2. You can explore your options without a hard sell.
One of the major advantages of online life insurance is the availability of comparison tools. These allow you to compare different policies side by side, which can help you understand the differences and choose the best policy for your needs.
Traditional life insurance may provide that opportunity as well, but oftentimes, you’ll have to get on the phone with someone who may try to sway you into a policy when you might not be ready to make a decision.
