In a not-so-distant past, if you needed or wanted life insurance, you had to be prepared to wait a few weeks before having any chance of getting approved. Nowadays, we’ve access to online tools that speed up the whole process so much that you can now purchase a life insurance policy in just a few minutes. Indeed, companies that specialize in assurance vie en ligne take full advantage of the massive amount of data available to bypass steps that used to be necessary, like the traditional health exam, or even additional procedures in some cases. Using modern analytical tools, online life insurance companies are able to analyze big data in order to get all the information they need to determine whether or not they want to take you on as a client… and if the answer is yes, how much to charge you. Keep reading and we’re confident that you’ll reach the conclusion that online life insurance companies like Emma are the best solution for you.
You’ll Be Alone at the Wheel
The biggest reason an individual willing to purchase life insurance would be wary of online life insurance companies is the fear of going forward without an advisor or the direct assistance of a financial professional. It’s understandable, so let us stress that point for people that may not have thought about it properly : if you make the decision to purchase life insurance online, you need to accept that it’s going to be a solo mission. Thus, you’re going to have to do all the legwork yourself, and a big portion of said work is correctly assessing your financial situation.
With that in mind, you can easily understand why online life insurance is a product more fitting for people with a certain level of financial literacy and / or individuals without major assets / financial products. Indeed, life insurance is a piece of your financial puzzle, and you need to treat it as such by taking into account other variables.
If you’re not afraid to go solo on this, you can expect a fairly unsurprising online shopping experience: you’ll need to search hard and long to find the perfect policy at a reasonable price considering your wallet and your needs. Don’t just fall for the first offer you’ll find, you may be able to get your hands on a better deal by looking a bit further, especially if you’re young and / or reasonably healthy.
Go Big… or Pay More
Most life insurance companies will give you the option of paying on a monthly or annual basis, and most people go for the first option. If you can’t afford to part with hundreds of dollars in one sitting, fine. If you choose the second option simply because it fits nicely with the rest of your financial obligations that comes in the form of monthly bills even though you could afford the lump payment, you’re making a mistake. Indeed, the annual lump sum’s figure given by the insurance company is the real cost of your coverage. The sum of 12 monthly payments for the same policy will be higher because now, the insurance company considers that it’s financing you, and thus charging you an interest. Again, if you can’t afford to front the whole premium for the year, don’t sweat it, there are worse things in life. If you can, though, it would be nonsensical to choose the more expensive option.
Do Your Due Diligence About Your Life Insurance Company
Life insurance companies will dig into all aspects of your life, so you should feel entitled to return the favor, and not just to get petty: life insurance policies last longer than some marriages, and yet some people sign with insurance companies without taking reasonable steps to check if they’ll still be around 10, 15 or 25 years from now. Indeed, you can pay your premiums without failing and yet find yourself without coverage if your insurance company files for bankruptcy. At a minimum, you should check the company ratings with credit agencies from time to time to make sure it’s not headed towards a cliff.
Online life insurance companies provide a valuable service to consumers, and as long as you remain prudent, they’re the best solution when it comes to getting life insurance.