How to buy life insurance online

Businessman paying by credit card on laptop at home
Many insurers allow you to purchase a life insurance policy entirely online.

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Buying life insurance is a smart way to provide for the needs of your loved ones once you pass. In some cases, it can even serve as a financial safety net as long as you are alive too.

It’s not hard to buy either. In fact, many insurers allow you to purchase a life insurance policy entirely online.

If you are in the life insurance market, you can easily start online now.

Would you like to purchase a life insurance policy or increase the life insurance coverage you already have? Here’s how to buy life insurance online.

1. Determine the amount of coverage needed

The first step is to determine what type of policy what you need and, above all, what coverage to get. If you want lifetime coverage, a whole life insurance policy is the best. If you just want coverage up to a certain point in life, term life insurance may suffice. There are also policies (like variable life insurance and universal life insurance) that allow you to withdraw cash or borrow against the cash value of your policy.

To calculate the amount of cover you need, you will need to consider your age, income, debts and household expenses. What expenses would your loved ones have to bear if you died? You may also want to purchase sufficient coverage for funeral and burial expenses.

2. Comparison store

Not all life insurance companies are created equal, so be sure to consider at least a few options. Begin, get quotes of all insurers with whom you have existing policies – such as car or home insurance, for example. They can offer a bundled discount to have multiple policies with them.

You can also request quotes from a few others, but be sure to research customer reviews first. You might be stuck with the company for many decades, so it’s important to choose a provider that’s known for their quality customer service.

Talk to a life insurance expert now or use the table below to start comparing providers.

3. Complete the application

Once you have chosen the insurance provider you want to work with, you will need to complete their full application. For this, you will need to provide some basic personal information and, usually, complete a medical questionnaire. Depending on your policy and insurer, you may also be required to complete a brief telephone interview or submit an attending physician’s statement.

4. Pass/refuse the medical examination

Many life insurance policies will require a medical exam. This helps the insurer assess your risk factors and set your premiums. If you are in good health, the exam could make life insurance coverage more affordable. If you are not, on the other hand, it may mean higher costs.

If you do not wish to undergo a medical examination, you can consider certain types of policies. These include guaranteed life insurance and group life insurance, such as those offered by employers. Also, consider life insurance no exam.

5. Finalize your policy

Once you receive your approval, you will sign your police documents and designate your beneficiaries — loved ones you want to receive your policy payment on your death. You will also pay your premium, either the first monthly payment or your annual premium in full.

If you are not comfortable buying your life insurance policy entirely online, you can instead work directly with an independent insurance agent or broker. They can help you shop around for insurers and policies and make sure you get the best for your needs.

Start now.