Is it wise to buy life insurance online?

Question

Is it wise to buy life insurance online?

Answer 1

It's wise to use an insurance broker whether on or offline.  Someone that can help you now and in the future....not just for a transaction.

Answer 2

You need to do your research whether you buy your insurance online or through an agent.  Either source will take advantage of you if you go the wrong site or agent.  

If you are trying to decide whether it is safe then, yes, it is safe.  Just as safe as buying anything online.  I would encourage you to check your prices online at the very least so that you make sure your agent is not taking advantage of you.  You should pay about the same either way.  

I bought both of my and my wife's term policies online.  One with zanderins.com and the other with selectquote.com.  

Answer 3

Short answer: no

Online quotes are always based on the best rates the company can possibly give you (Super Preffered health status), so they look like they are cheapest company to deal with

It is far easier to deal with an insurance broker who can cut to the chase and tell you exactly what it will cost rather than getting a cheap quote then finding out when it's approved it will cost you a pile more becuase you aren't in impecible/abnormally good health.

There may also be a unique situation, that the online application would not look at.  For example, if you are a smoker, some companies have 'stop smoking' incentives where they refund premiums.  The initial quote will be more expensive than the others, but when you quit smoking it ends up being FAR cheaper.  Every company underwrites a little different so a broker can assess your situation and find the best company to suit your situation.

Plus cheaper isn't always better.  You might have an opportunity to pay an extra $1 to be with a company that has been around for 100 years, rather than the cheapest who might be a fly by night company that ends up bankrupt in a few years.  A broker will know the good companies from the bad.

A good broker doesn't charge fees for meeting with you, so why not get the free advice from an expert rather than doing it on your own?

Answer 4

No.  Unless maybe you really know what your doing and the type of policy your picking and how it works.   Since most people do not know this info it is better to see a licensed insurance agent that you explain life insurance to you.