Ask These 3 Questions When Buying Life Insurance Online

Written By Alla Levin
February 13, 2022

Ask These 3 Questions When Buying Life Insurance Online

Do you experience trepidation and uncertainty when attempting to purchase life insurance online? Fortunately, some of the best-rated carriers now do the majority of their business via the internet, so it’s entirely possible to buy a suitable policy from the comfort of your home-based computer or mobile device. However, it’s still important to ask questions if you want to steer clear of unreliable sellers, pricey policies, and other potential traps when acquiring coverage from an online source. What should you ask?

For starters, be sure to research the reputation and rating of any company you put on your shortlist. Additionally, find out how to get a viatical settlement should the need arise.

The highest-rated carriers offer calculators on their main websites that let you plug in a few figures to find out how much coverage you actually need. This helps avoid the common problem of over or under-buying. You’ll likely be puzzled by the fact that rates for similar policies often vary a great deal in price. Check the fine print of policies you’re considering and see exactly what each one offers. Usually, major price differentials are explained by extra bells and whistles in contracts.

Finally, find out what happens if you change your mind about a policy you buy from an online source. In most cases, you have at least three days to rescind a legal contract you signed to buy an insurance policy.

However, many reputable companies will give you more time than that, often as many as ten days to evaluate the contract and read all the details in the paperwork. Here are the three top questions you should ask before signing or conveying money to an online insurance carrier.

What is the Company’s Reputation and Rating?Buying Life Insurance Online

It’s critical to deal with insurance carriers that have excellent reputations. One way to find out is via online research. Fortunately, there are several major, reliable review sites where you can compare companies’ credentials, the number of years they’ve been in business, and what consumers have to say about their level of service. When buying insurance online, only deal with the best-rated carriers. You’ll enjoy peace of mind and get better long-term customer service if you ever have questions about your policy.

What If I Want a Viatical Settlement?

Many people opt to cash in their life insurance policies when they are forced to deal with a life-threatening ailment. Viatical settlements are often the quickest way for policyholders to convert unneeded coverage to essential funds that can be used to pay medical bills, take a trip, cover the cost of long-term care, and more.

The ideal way to get started is to review a complete guide that can help you understand precisely how viatical settlements work, how long it takes to receive the proceeds, and why so many people use this technique when faced with a dire medical situation.

How Much Coverage Do I Need?

There are clear reasons you should have health insurance, and how much of it, but with life insurance, the answers are a little more subjective. To help, the major carriers put calculators on their home page so you can get a reasonable estimate about how much coverage you need.

Buying too much insurance is as bad as purchasing too little. The top-ranked sellers will be able to guide you to your ideal policy based on personal needs and preferences.

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