Until recently, it could take several weeks to get life insurance coverage. Today, many life insurers offer policies online. Sometimes known as “fast life insurance,” these are policies you can apply for online and often get a decision on within minutes. This makes it possible to get a life insurance policy without leaving home, which is quick and convenient for the applicant. Consumers’ preferences for online life insurance shopping increased by 29% over the last 6 years, according to LIMRA’s 2022 Insurance Barometer Study.
The process is similar to getting life insurance in person, but with a few differences to account for the remote nature of applying for online life insurance. This article will explain how to find life insurance online, whether that’s a traditional policy or life insurance with no medical exam.
Benefits of Getting a Life Insurance Policy Online
Getting life insurance online can be quick and convenient. Here are some advantages to using the Internet to get life insurance:
1. Research Different Policy Types
Getting life insurance online lets prospective policyholders easily research different policy types. As a result, they can more easily determine what features and coverage they need, allowing them to start shopping for policies faster.
2. Gather Multiple Quotes Quickly
Prospective policyholders can use the Internet to gather multiple quotes without leaving home. For example, they can visit individual life insurance websites and fill out their quote forms or use an aggregation site that pulls in quotes from many insurers.
This can make shopping for life insurance simpler and less stressful.
3. Fast Application Without Leaving Home
Once prospective policyholders find a policy, they can quickly knock out the application online, making the process fast and convenient.
How to Buy a Life Insurance Policy Online
Buying life insurance online is fairly straightforward. Here’s how to do it:
1. Know Your Policy and Coverage Needs
Prospective policyholders should start by understanding what policy type and coverage they need.
Term life insurance is cheaper but offers coverage for a fixed number of years.
Permanent life insurance is more expensive but lasts for a lifetime and offers wealth-building potential through the cash value component.
There are also life insurance policies with no medical exam, like final expense insurance. This covers funeral expenses, medical care, and other end-of-life costs.
Once prospective policyholders pick a policy type, they’ll need to decide the coverage amount. They’ll need to consider their beneficiaries and living expenses for this.
2. Gather Quotes
Next, prospective policyholders should typically get quotes from multiple insurers to ensure they get the lowest rate on the coverage they need.
They can do this by visiting a life insurance provider or using a quote aggregation website.
3. Research Customer Service Reviews
With quotes in hand, prospective policyholders should look online at customer service reviews. This will help them find an insurer that offers a good rate and is easy to work with.
4. Apply and Schedule the Medical Exam
Now, the prospective policyholder must pick a policy and apply for it. They’ll provide information about their age, medical history, whether they smoke, their job, and lifestyle.
If the policyholder is getting a term or permanent life insurance policy, they’ll also schedule a medical exam to be done at their home or at a paramedical center.
5. Take the Medical Exam
Applicants will undergo a medical exam, during which data like weight and height are gathered. The examiner will also review the medical history provided. They may also take blood and urine samples if necessary.
People applying for life insurance with no medical exam will skip this step.
6. Wait for Underwriting
Underwriting can take just a couple of days for no-exam policies, and it may take longer for traditional policies. Regardless, the insurer will reach out with an offer once this is complete.
7. Sign the Policy Documents and Pay the First Premium
If the applicant accepts the policy terms, they’ll sign all the policy paperwork. They will also pay their first premium to officially activate the policy.
Consider Buying Life Insurance Online
Buying life insurance online allows the policyholder to research policy types, gather multiple quotes, and apply quickly without leaving home. This can shorten the process dramatically.
Once they’ve completed those steps, they’ll schedule and take the medical exam if they choose a traditional life insurance policy before awaiting underwriting. If not, they’ll skip straight to waiting for underwriting. Finally, they’ll sign the documents and pay their first premium if they like the offer. Overall, getting life insurance online is quite convenient and makes getting the best policy for someone’s needs easier.
Fidelity Life offers no medical exam life insurance and makes it easier for people to get coverage. Life insurance shoppers can shop online for life insurance quotes or have the option to discuss their options with a licensed agent and receive guidance through the application and purchasing process.
Consider adding “talking to an agent who represents multiple companies”.