Buying term life assurance online

You can get term life insurance quick and easy by buying it off the internet. Term life insurance is simple and easy to obtain, as long as you know where to find it. You can even scout for the best deals by asking for quotes from different sources.

Here’s a quick rundown of a term life insurance product.

Term life insurance is a simple policy, which provides highly affordable cover. You pay premiums for coverage for a specific period. If you die within that period, your beneficiaries will get the sum insured. There is no cash value so when the policy term ends, you can either opt to let it expire (at which point the coverage ends and there are no refunds on your premiums) or renew the policy for another term (at which point the insurance company will underwrite your risk and revise your premiums). Depending on your need, you can get coverage from one day to as long as 30 years.

When buying through the internet, the coverage can be provided almost instantly. But of course, since the policy is issued based on the answers you gave to the questionnaire, there may be exclusions to the policy, especially if it has to do with your providing wrong information on your application. It is best for you to be upfront in your application.

Here’s how you can buy a term life insurance policy from the Internet:

1. Determine how much term life insurance you need.

   A rule of thumb would be at least five times your gross annual income or ideally, eight to ten times your gross annual income. If you have major debts (such as a mortgage to your home and/or car) that you still need to repay, you should also take these into account. If you are thinking of a long term cover, you can look into a policy that has a term that will provide cover until the time you retire.

2. Determine the type of term life insurance you want.

   You can opt for a level term policy (where the coverage remains the same for the rest of the coverage period), a decreasing term policy (where the coverage is reduced by a certain amount every policy anniversary) or an increasing term (where the policy amount is increased every policy anniversary).

A few words of caution:

• Only buy from reputable sites.
• Don’t reveal too much. The site will only need some personal details (i.e. name, age) but to get a quote, they won’t need sensitive information such as your Social Security number.
• Don’t lie. Since the term life product you will be buying will most likely be a non-medical cover, you should be completely honest (even a bit pessimistic) when answering their questions. This will prevent any future denial of your claims.
• Know what you need. It is important for you to know whether term life in the best life coverage solution for you. You can know a lot about the product with the articles in this website.
• Store properly. Your insurance policy is a legal document – it must be kept in a secure place, one that loved ones know how to access in the event of your death.
3. Get quotes.

   When you’re ready, you can get quotes from this website. We offer quotes from multiple providers so that you can compare and find the best policy for your needs. You will need to enter some details about you, as well as for the choices in your term life insurance policy.

4. Evaluate the term life offerings provided by the quote.

   Before you make a decision, carefully compare the quotes you receive. Read more about evaluating a term life policy.

5. Complete the application.

   This will include questions regarding your medical condition, your medical history, lifestyle (including whether you smoke or drink, what hobbies and sports you indulge in, your occupation).

6. Submit further information.

   Depending on your answers to the questionnaire, the insurance company may require you to submit further medical information or ask for the latest medical report. The system will send your policy details for you to print.

Updated on: 05.06.2013

To secure your family's future, fill in the form on the right and get your term life insurance quote now.