How To Buy Life Insurance Online Safely

How To Buy Life Insurance Online Safely

Buying life insurance is a process many people go through. It’s a long-term financial obligation, so doing so online can feel rather intimidating. Still, online can be a lot easier and more efficient than the in-person experience.

We’ve written this article to walk you through how to buy life insurance online safely. This way, you’ll know exactly what to expect and how to navigate the process.

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Where To Buy Life Insurance Online

Buying life insurance policies can be a stressful undertaking. You’ll be paying those premiums for the foreseeable future. So, you want to make sure you’re choosing the plan that serves your needs best.

Doing this online means you won’t interact with anyone face-to-face, at first, but don’t let that worry you. The only part of the process that happens strictly online is acquiring a quote. Once that ball is rolling, you can contact a broker or agent, or visit them in person.

Get A Life Insurance Quote Online

Getting a life insurance quote online is intuitive and simple with ComparenReview. You will be prompted to input some information about yourself and the website will spit out a quote seconds later. You enter your name, ID number, city, contact details and income. We will then generate quotes for you to browse through.

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You can generate a life insurance quote on ComparenReview. This is a great place to start, as we compare quotes from different providers. You can also visit individual providers’ websites to find quotes. Here are some examples of South African life insurance providers who provide quotes online:

  1. Momentum

  2. 1Life

  3. Outsurance

  4. Discovery

  5. Assupol

  6. iwyze

Buying Term Life Insurance

There are different types of life insurance in South Africa – term and whole life. The difference is in the names, really: term insurance covers a set number of years; whole life offers life-long coverage. Most people choose term life insurance, as it’s more affordable.

Whole life insurance also includes a cash value component. This essentially means that you can withdraw funds to the value of your policy. From a pure insurance point of view, though, it makes more sense to go with term cover, since you get the same coverage for cheaper premiums. The only real difference is the cash value element, which is not entirely necessary.

How To Shop For Life Insurance

WIth any financial decision you make, you’ve simply got to be savvy. So, how do we go about this shrewdly? Firstly, information is your friend. An informed decision is a good decision. We advise you to shop around extensively and compare the pros and cons of every last provider.

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Questions To Ask When Buying Life Insurance:

You need to understand how your plan works, what is being covered and what your obligations will be. The more nitty gritty details you know (like terms and conditions) the better off you will be. Here are some basic questions you should ask your broker or agent:

  1. What Are The Premiums Like?

Getting quotes from different providers is how you find out their respective premiums. These can be monthly or annual premiums, depending on the provider.

  1. How Do The Benefits Get Paid Out?

You need to be clear about the beneficiaries of your policy and the conditions under which they will receive your life insurance benefits. These conditions can be complex, especially when you take into consideration your risk-level on entering the agreement. Ask questions and be specific.

  1. Can The Policy Be Amended? How?

You want to be clear from the beginning how to approach your broker if changes need to be made. You may want to adjust certain terms of your benefits, your beneficiaries or even your cover amount. Ask your broker how to go about these changes and give you advice.

  1. What Do You Need From Me?

Most providers require a physical exam and proof of the information you’ve provided them with. Find out from your broker what the next steps are. Who do I call? What do I do? When does the coverage officially start? Where do I sign? Who do I pay?

  1. Am I Protected?

One thing people often forget to consider is cancellation. In the event that you want to cancel your life insurance policy, you need to know what financial obligations you’ll be under.

These are generalized questions, each leading to a host of other questions pertaining to the smaller details. What’s important is that you keep asking these until you understand your life insurance policy inside and out.

How To Purchase Life Insurance

Now that we’ve covered the approach when buying insurance, we get into the process behind it. After you’ve acquired some quotes, spoken to brokers and shopped around a bit, you’ll need to apply for the plan of your choice.

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Applying For Life Insurance

We’ve mentioned the information you need to provide when acquiring a quote. Now, we need to discuss the rest of the application process. When you purchase life insurance, your broker or agent will ask you to provide certain documents to complete your application.

You may need proof of existing insurance, the signed policy agreement, proof of your income, address and dependents, and proof of identity. Your doctor will need to provide proof of your medical conditions, if any, as well as details of a medical examination.

Depending on the claim you make, you may need to provide a police report, proof of solvency, a death certificate, or any other documentation backing up the reasons for your claim.

Best Way To Buy Life Insurance

Now that you have all the basic information you need, it’s important you understand how to go about it wisely, so that you get the plan that works best for you. To get the most out of your life insurance, you need to go about it with a certain attitude.

How To Purchase Life Insurance Wisely

The best way to buy life insurance is to do so with intention, rigor and using the maximum resources available. Be shrewd, thorough, and keep asking questions.

How To Buy Life Insurance Online Safely: Final Thoughts

Check out your providers before you agree to anything. You can easily find reviews for different life insurers online. Read these reviews to get a sense of which providers are trustworthy and how they’ve handled clients like you in the past. Good luck!

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