Why Not to Get Life Insurance Policy Directly Online
You may think that as a life insurance brokerage with a specialization in the Internet marketing of life and health insurance, we probably shouldn’t publish articles with titles like this one. We have thousands of people visit our website daily, and many visitors constantly approach us about if they can buy an insurance policy straight through our website. While we have tinkered with and marinated on this idea, we feel buying life insurance online is a disservice to our clients.
The following supports our reasoning behind why purchasing a life insurance policy online just doesn’t make sense:
1. When you buy a life insurance directly on the Internet, it is just a single product and not a part of an overall financial portfolio. When picking the best life insurance policy, it is necessary to plan very carefully and decide why and how much insurance the specific person needs and therefore what is the best insurance type. All this is very difficult to be done, if you don’t talk to an insurance agent in person or at least over the phone.
2. Life insurance purchased straight from a website is limited in its product selection. In most cases, the online offer of life insurance policies is limited to just a few carriers and sometimes even only one company with a few of their policies.
3. Certain policy details may not be fully explained when a policy is purchased online. Some of the nuances that may not be completely clear when the policy is purchased online are for example that certain ten-year term policies are not renewable or convertible, or the premium may be higher than normal renewable.
4. Certain products are just too complex to be sold online, and life insurance is one of them. In case of Universal Life and Whole Life insurance, there are too many details that cannot be explained when offered directly online. BMO’s Universal Life policy offers more than 400 investment options. The plan is too complex to be sold online.
5. If you want to get in touch with someone from the insurance company, it would be most likely with a call centre and not a broker.
We don’t want to be misunderstood, we are not suggesting that the Internet is useless when you wish to purchase a life insurance. Some Internet pages can give you a lot of useful information concerning life insurance. You can find many useful online tools, such as our Instant Quote Calculator or Needs Analysis Calculator, which can help you a lot. But looking for information is really different to purchasing.
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