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Life Insurance FAQ

Questions and Answers:

We at InfoFAQ understand that consumers have many questions concerning the difference between online and brick & mortar Life Insurance companies, and the services they provide. Below is a list of frequently asked questions about buying life insurance online.

Frequently Asked Questions About Buying Life Insurance Online

Is buying health insurance online a good option?

Health insurance is a complex product and involves many complex issues. Online stores are usually automated to handle massive numbers of transactions, and therefore will try to generalize about you, and may wind up treating you more like a number than like a customer. See if the website has a phone number and try calling it. Ask you questions to the operator, and if you are happy with their service then consider purchasing from them.

Isn’t it true that you can find discounted life insurance coverage on the internet?

Life insurance is a very standardized product and is governed by law. Insurance providers uses your age, health, and sex to calculate rates. Insurance agents are usually not allowed to offer discounts on this type of insurance, as the actual rates are set by the carriers. Because of these factors you should be wary of any company online that promises to offer discounts on life insurance. The offers are most likely comparable to what you could find in the phone book from a local insurance agent.

Are the life insurance quotes you receive from an online insurance reseller accurate?

In many cases the actual rates you are charged will vary from what you were quoted. This is because the insurance company will not calculate your actual rate until they have requested and received your actual medical records, and these will affect the rates that you pay. You are also required to get a physical prior to setting of the actual rates.

Are the websites selling life insurance the actual insurance agents?

In many cases the web sites “selling” health insurance are not actually insurance agents. There are quite a few insurance sites out there that just sell your contact information to an insurance agent as a sales lead. Check out the provider by looking up their phone number on the site and call them.

Is it safe to purchase life insurance from an internet web site?

Any person or website that sells insurance must be a licensed insurance agent in the state in which you live. Call the website and ask them if they are licensed in your state. You can check on this with your states Insurance Commissioner’s Office.

Which online insurance companies offer the best rates on life insurance?

Companies that provide insurance are all a little bit different, and some are willing to accept risks that others are not. They also tend to specialize in a specific market, targeting a certain demographic, such as older people, younger people, healthy people, sick people. You can typically find the best rates from a provider that specializes in covering people that are similar to you, so look around to find the right provider.

If I purchase life insurance online, will I still have to take a physical and blood test?

Online life insurance companies are not that much different than your local insurance agent. All of the rules that normally apply to insurance will also apply if you purchase insurance online. So you will still have to take a physical exam and a blood test.

Can the insurance company raise my rates if I purchased life insurance online?

Life Insurance will usually have a set period of time during which your rates will remain unchanged, and this is called Term Life Insurance. If you have a 10 year term, then after ten years, the insurance company will re-assess the risk to your health based on age and medical information, and they will usually raise your rates accordingly. Buying insurance with a longer "term" will mean that your rates will remain the same for a longer period of time.

Why do people purchase life insurance online?

Life insurance is designed to pay for things like your family's home mortgage and expenses, funeral expenses, estate tax, attorneys fees, etc. Buying life insurance online or from a local insurance agent will protect your family from financial hard times.

Can anyone buy life insurance online?

Most insurance companies offer special life insurance policies for people that don't want to take a physical or who have a medical history that makes them a higher risk. You can still find a carrier that will sell you coverage, but expect to pay more as you represent a higher risk to the insurer.

Consumer Safety and Information

Life Insurance Companies - insurance.mo.gov

Search list of active companies.

Consumers: Life Insurance - www.insurance.ca.gov

Provides information you need to understand the different type of insurance products that are available.

Tips on Life Insurance - insurance.oregon.gov

Tips, questions, resources on Life Insurance and Annuities.

Life and Disability - www.consumeraction.gov

This link provides information on what to consider when purchasing life or disability insurance.

Affairs and Business Regulations - www.mass.gov

Helps consumers who are confused by what they are buying.

Visit our Credit Card Fraud section for useful information.


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