Not so long ago, if you needed life insurance, you had to wait a couple of weeks — at best — to get approved. With the online tools we have access to, nowadays, the whole process can be completed in a matter of minutes. It begs the question, though: how is it possible to get approved for a life insurance policy without going through a health exam and additional procedures, in some cases? The answer is actually very predictable: Big Data. Online insurance companies heavily rely on large data sets that they analyze in order to extract trends and patterns that help them inform their decision of taking their to own as a client — and at which price point. If you’re thinking about buying term life insurance online, https://emma.ca/ is a great place to start. But if you need more information about the whole thing, keep reading.
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You Need To Be Prepared To Shop Around
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As with many online shopping experiences, purchasing online life insurance is a process that will require a fair bit of research. Unsurprisingly enough, prices will greatly vary from an individual to another, but the same can be said from company to company. The younger and healthier you are, the less expensive life insurance policy will be for you across the board. It will also be to your advantage to submit your bloodwork or some kind of medical exams results to get your premiums as cheap as they can get, but this likely will make the process a bit longer. However, if your general health / physical condition isn’t that great and you really don’t want to provide insurance companies with proof of that, online life insurance companies are definitely the way to go. You don’t know which one to contact? Sites like TheZebra and Bergamote provide great comparison tools that will help you narrow the field.
You’re Going To Have To Put In The Work
If you decide to purchase life insurance online, it means that you’re ready to proceed without the help of a professional advisor. It also means that you’re going to have to do a big portion of their work, which is assessing your overall financial pictures. This is an essential step before purchasing life insurance, because it’s supposed to be just a part of your financial life. That’s the reason why online life insurance is best for people who 1) have a level of financial literacy high enough to purchase a life insurance policy that fits their entire portfolio or 2) people with very few assets and financial products that need to be taken into account while purchasing life insurance.
You Need To Assess The Life Insurance Company’s Life Expectancy
The title of this section may seem funny, but this recommendation is of the utmost importance. There are a lot of pretenders online, so you need to make sure that you’re signing with — and giving your hard-earned money to — a company that will still be here in your time of need, which could be decades from now. To help you make such a crucial assessment, you should check out life insurance companies’ ratings with credit agencies like A.M. Best (a rating agency more focused on the insurance industry), Standard & Poor’s (a well-known financial services company), and Moody’s (another big name among rating agencies).
You Should Pay On An Annual Basis To Avoid Unnecessary Fees
Our modern life has accustomed so many of us to monthly bills, that it’s more often than not the option we take when it’s available… even though it rarely is the cheapest option. When it comes to life insurance, it’s always a poor choice since the sum of your monthly payments can be as 50 % higher than the amount you would have paid in a lump sum. Shelling out hundreds of dollars hurts in one payment hurts more than a 20-25 $ monthly premium, but the latter also adds up and ends up costing you significantly more.
Purchasing life insurance online is a modern and effective way to acquire an important financial asset at a fraction of the time required to do it the traditional way. Why would you do it any other way?