Learn About Term Life Online

Published: 23rd January 2009
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Term life insurance online offers consumers the opportunity to shop, compare and apply for term life insurance all from the convenience of their home or office without the high-pressure sales pitch of an insurance agent.

So, how do you go about choosing your term life insurance policy online? You may want to consider the following tips to help you get started:

  1. Shop and compare several quotes and plans - Make sure you request several free quotes to compare the rates provided by various insurance companies. Why would you want to do this? Because, rates can and do vary by carrier. Savings may be as high as 50% or more, depending on the company compared to others who provide you with quotes.

  2. Consider the financial strength rating of the life insurance company - Each quote you receive should have the financial strength rating listed. The rating indicates the financial stability of the insurance company. An "A" (Excellent) rated insurer should be financially capable of paying their claims, if you were to pass away, your beneficiary would be paid the life insurance death benefit. Why is this important? Because, some insurance companies go insolvent, and they are unable to pay their claims.

  3. Use a reputable life insurance quoting service - There are many services available to you online for requesting free life insurance quotes. Make sure to use one that has been online for several years and provides accurate quotes from top-rated life insurance companies. Among the top services are Efinancial and InsureMe.

  4. How does it work? Once you have chosen a quote service, you fill out a form asking you questions about your personal information so the carriers can give you quotes. Some services provide you with instant quotes from up to 12 different insurance companies.

  5. What do the quotes provide? The life insurance quotes you receive online will usually provide you with the type of life insurance policy, name of the insurance company, the premium, and the financial strength rating of the carrier.

  6. How do I apply for my term life insurance policy? Some of the life insurance quote providers allow you to request coverage online by filling out an online application. Depending on your health and amount of coverage requested, they may require you to take a physical exam in order to qualify.

  7. Do I have to pay for the physical exam? No, the physical exam is paid for by the insurance company.

  8. Can I buy term life insurance without taking a physical exam? Yes, some insurance companies offer you the opportunity to purchase up to $500,000 of term life insurance online with no medical exam required. Your approval is based on your answers to several health questions. However, this type of life insurance policy is usually more expensive because there is less underwriting, they may accept some applicants that may not be accepted by other insurance companies.

  9. Make sure you choose the amount of life insurance protection that you can afford. You may be able to save some money by choosing to pay your premium on an annual basis, rather than monthly, if you can afford to choose this payment option.

  10. Make sure to choose coverage for the term, or period of time, that meets your needs. Term life insurance provides coverage for a specific number of years, from 1-30 years. Level term life insurance offers you rates and coverage amounts that remain level for the entire term of your policy.

Among the benefits of shopping for term life insurance online include the quick, easy convenience of getting instant quotes for term life insurance in your own home, 24 hours a day. There is no obligation, and you get to decide which plan and premium meets your needs, and fits your budget.

Once you have chosen a plan and insurance company, you may request coverage direct from the carrier in some cases, or request they send an insurance agent to meet with and further explain your options.

To learn more about term life insurance and get free quotes, Please visit http://www.term-life-online.com

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