Better Information Retention

 

 Online Life Insurance

What is life insurance?

Life insurance covers the cost of your dependents in the event that you die. It is a contract between you and your insurance company, stating that if you die then they will pay out on a sum of money that should keep your loved ones financially stable. The amount of money specified in the contract will be paid out to dependents (children, spouse) or heirs (spouse's family).

How does online life insurance work?

It works similarly to traditional life insurance, except for one key difference: it's an online policy. You create an account with a broker and they handle all of the paperwork so there are no middle men involved - making it significantly cheaper than traditional policies. You'll still have to submit a death certificate, but you won't have to collect that from your local authorities either.

Why should I get an online life insurance policy?

Online life insurance is advantageous in a number of ways: it's cheaper, it's faster and there are no middle men involved. More importantly though, it reduces your chances of being declined for the policy. Whereas before you would often be refused simply for being a young person (and thus a high risk) with little money in the bank, now you could be refused because there isn't anyone else who can claim on your behalf if you die and they don't want to be taken out of pocket as well. This is a devastating prospect for online life insurance, so they've removed these restrictions - meaning that you're more likely to be accepted.

I've been turned down for life insurance, can I get online life insurance?

Absolutely! Being turned down by traditional insurers doesn't mean that you're a bad investment. If anything, it means that you have the financial security to guarantee that your family is well taken care of if something were to happen to you. Online policies are open to anyone with valid identification and enough money in the bank (which you need anyway). You'll still need to have your details checked out like everyone else though - but you will generally be accepted.

How much does online life insurance cost?

The cost of online life insurance varies wildly, so it's important to shop around. The price range can be anything from $30 per month to $300 per month, depending on your age and the amount of coverage you want. Whereas it might be difficult for you to find a traditional insurer willing to take on someone in their early twenties - it's rare that this will be a problem with an online policy. Remember that as a young person you're actually better off getting some form of coverage; you have a lot of life left in you and should invest in protecting your young family.

Conclusion

Online life insurance is gaining popularity as a method of insuring you and your family financially. If you've been turned down for a traditional policy, then this is the best option - especially since it comes with virtually no restrictions.

Life Insurance Quote

Life insurance is a contract between an insured individual or group of individuals (referred to as the policy owner) and an insurer (often an insurance company), where the insurer agrees to pay a designated beneficiary/beneficiaries a sum of money upon the death of the insured individual(s). The policy holder typically pays an annual premium, called the premium payment, which can be paid periodically (monthly, semi-annually or annually) or in one lump sum.