March 6

Choose the easy way to own life insurance



According to a LIMRA report 85{a03822e28c5c906589e58caafc71b922ff7b2692d58bfeefe8f12d55f85871c7} of consumers research life insurance online before purchasing a policy. Close to 50{a03822e28c5c906589e58caafc71b922ff7b2692d58bfeefe8f12d55f85871c7} of people who bought a life insurance policy in 2015 did so over the phone or online. These people have done their homework and know what they want for the most part.

The Old School

I’m here to tell you guys, insurance advisors have heard the call, are making the shift and are here to serve you. In the early 20th century life insurance agents used to pound the pavement and sell door to door, most policies were centered around paying for funeral expenses. Then as time passed it became more common to get coverage through a financial advisor (usually one that you knew or was referred to you). 

The process for owning life insurance sort of went like this: You meet with an advisor who asks you some questions about your situation, he then proceeds to do a needs analysis and crunches a few numbers for you and tell you about the different types of insurance that are out there. Usually, at that point the advisor would tell you that he needs to do his homework and design a “plan” for you that he would share with you next time you meet. On that meeting, the plan would be presented and if it met with your approval then a paper application would be filled out by hand which would take hours. If you were lucky enough to get approved for coverage yet another meeting would be set and you meet with the advisor again to take delivery of the policy. All together you would have spent around 3-5 hours with an advisor hashing out the details of your critically important insurance policy.

The New School

But just like every other industry that has been touched (or disrupted depending on how you look at it) by the internet, the winds of change are in the air. Consumers are making the decision to change how they find out about and apply for income protection. Today with over 90{a03822e28c5c906589e58caafc71b922ff7b2692d58bfeefe8f12d55f85871c7} percent of the population having access to mobile devices consumers have more access to information than they ever have before. What’s making people change the way it has always been done? Time. We don’t have enough of it, and we can’t get any of it back after it has been spent. This is making people consider the amount of time any activity takes up as a determining factor on whether they actually want to go about doing it.

Most of all, getting a life insurance policy online offers an opportunity for the consumers to be more self serving then you have ever been before. You can to do it all by yourselves and rightfully so; all the power to you. Now you don’t have to wait for an insurance agent to call on you, or set an appointment to go through the “process”.  In fact, you can call up an advisor who specializes in doing insurance business over the phone and get down to the nitty gritty on your drive home from work, on a rainy Sunday morning or whenever you want.

By all means, go online, research options and shop around with independent life insurance agents who would follow up with you on the phone after you make a request for more information. By doing this you can make sure that you get the most bang for your buck by getting the agents to shop the market for you. You can complete the whole process (discovery, needs analysis, and applications) in often less than half the time it would traditionally take. Everything is done over the phone and an online application is submitted on the your behalf. Any medical testing that is required is arranged and if all goes well a potentially life changing insurance policy is mailed out to your home. Easy peasy.

Convenience is another reason why consumers are making the switch to online and over the phone. Consumers are going to do their shopping on their time. Those that want to do business with today’s consumer better get on the program and make sure that they are available when needed. Give these people the information that they need and get out of the way.

What could be better than this? Do business when you want, get all the information that you need, save money by shopping the market, save time on the process, still get access to licensed advice, and do it all on your terms.

To summarize:

  • Applying for life insurance online can save you money because your agent can shop around and get the best rates for you.
  • You still get the value of advice because the licensed agent that you are dealing with has years of experience and can make sure that the insurance you are getting is ideal for your situation.
  • Pick a time that is convenient for you, and complete the process painlessly


You may also like

Why Term Life Insurance is usually ideal for young families

Why do we need Mortgage Protection Life Insurance?

What to do if you never want your family to be poor

No Medical Exam Mortgage Protection Insurance

Subscribe to our newsletter now!