Online Insurance Quotes
Shopping online for life insurance quotes has become easy, however there are some tips and traps to be aware of.
A life insurance policy is a legal contract between you and the life insurance company. While price is an important consideration, the terms and conditions of the contract are of utmost importance.
In simple terms, you agree to pay money in regular installments (the "premium") and the insurance company agrees to pay a sum or sums of money if you die.
Unless you wish to receive sales solicitations, avoid giving your name and contact information at Internet term insurance sites.
Don't assume that any site surveys or compares virtually all the companies or options. If you use the Internet to research insurance costs, don't limit yourself to one site; visit at least three.
Keep in mind that the fewer qualification related questions that are asked at the web site, the less reliable the quotations and comparisons at the site will be.
Also keep in mind that a company that appears very competitive for "ultra preferred" or "preferred plus" rates may not be as competitive with their other alternatives if you do not qualify under the "ultra preferred" or "preferred plus" acceptance rules.
A triathlete is apt to be a "ultra preferred" or "preferred plus". A couch potato is apt to be "regular" or rated negatively.
If you are considering term insurance, insist on full and detailed disclosure of guaranteed renewal costs and conversion options, if any.
Renewal costs can fluctuate greatly!
DON'T cancel any existing life insurance just because you see what appears to be a lower cost advertised on the Internet.
If you choose to go with what appears to be a lower cost option, get the agent to complete a detailed comparison of your existing coverage and the proposed new coverage, have the agent complete the application fully, wait until the policy is issued AND delivered to you, and read the policy carefully before making your decision.
Remember (and confirm with the agent) that in most cases you can return a new policy for cancellation and a full refund within 10 days after its delivery to you by the agent.
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