Are you considering buying life insurance online but are apprehensive about taking the plunge? You're not alone - while online policies can offer convenience and affordability, they can also present certain challenges. In this blog post, we'll explore the pros and cons of buying life insurance online to help you make an informed decision. William Schantz discusses factors like cost savings, customization options, customer service availability, coverage types, and more. Read on for all the information you needto decide whether purchasing a life insurance policy online is right for you!
Pro - Convenience: Buying life insurance online is a convenient and easy way to purchase coverage. Unlike traditional shopping methods, purchasing online eliminates the need for tedious paperwork, longlines at the store, or going through an agent. With online purchases, policyholders have direct control of the process from start to finish, says William Schantz. This allows for quick comparison of rates and policies between different companies, as well as speeding up the entire buying process significantly. Furthermore, many companies offer discounts for customers who are willing to purchase their life insurance policies through their website instead of physical stores.
Con - Lack of Personalization: Online life insurance purchases often lack personal interaction between provider and customer. While buyers may get answers about certain aspects related to the policy, they may also miss out on important advice that an experienced insurance agent could provide. An agent can explain the details of a policy in much greater detail than what is provided on an online website and help customers understand complex topics like exclusions and riders. This lack of personal connection often leaves buyers confused or uncertain about the policy they are purchasing.
Pro - Low Cost: One of the main advantages of buying life insurance online is that it tends to be significantly lower in cost than traditional purchases through agents or stores. Companies will often reduce premiums for those who purchase their policies online since fewer resources are required to process the transaction. Furthermore, many insurers offer special discounts for customers who buy their life insurance through their websites, which further reduces costs for buyers.
Con - Limited Coverage: Online life insurance policies may have limited coverage when compared to those purchased through an agent or store. Many insurers will limit the types of riders and exclusions that are available for policies bought online, meaning buyers may miss out on important protection if they purchase from a website. In addition, these policies may also lack some of the more advanced features found in traditional policies, such as accidental death benefits or disability income coverage. According to William Schantz, buyers should carefully compare different policy options before deciding which type of coverage is right for them.
Overall, buying life insurance online can be a convenient and cost-effective way to purchase coverage, but it can also come with certain drawbacks, says William Schantz, such as limited personalization and reduced levels of coverage.
