Buying Life Insurance On The Internet
If you are considering an insurance purchase over the Internet, be sure the company is licensed to
transact insurance in your state. A Web site should disclose the states the insurer is
licensed in. If the insurer is not licensed in your state, it should return the contract stating it cannot
offer a policy. Here are some other prblems with online insurance companies:
- May not let your know you're unqualified for a plan
- You may not understand the fine print of each policy
- Companies do not verify application data you submit online
- There's no insurance agent between you and the carrier
- Underwriting requirements may not be posted
- Availability of each plan may not be disclosed
- May give you an inaccurate quotes
- Often ignore cholesterol guidelines
- Assume all companies rate your health identically
- May not quote the most competitive companies
- Won't have agreements with smaller carriers (lower rates)
- Hire unlicensed company employees to answer your questions
- Make higher comissions because of volume
- View you as a one time application or sale
- Have different agreements with each carrier, creating bias
- May not be appointed as an agent for every company shown
- May not explain riders (additions) or convertibilty options
- No advice about replacing your existing policy
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