Ever wonder whether online term life insurance rates are comparable to
those off line?
After all when you buy life insurance off line, that is the traditional way, a representative of the life insurance company actually sees the applicant.
The agent can help decide whether or not the person applying for the policy is in fairly decent health or is a basket case. He observes and asks questions. It is quite different online.
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When a person buys life insurance online it is just a computer
and an applicant. Are online term life insurance rates higher or are
they the same as off line rates?
It would seem to me that there would be no difference in the rates and here is why. Although the life insurance company doesn't see the applicant they can and will if they deem it necessary.
There is nothing that the life insurance company wants to know about the applicant that they wont find out. They are very thorough. In addition they protect themselves with an incontestability clause that comes into effect after a year or two, depending on the life insurance company.
This allows for the withdrawal of the policy within that period if there were any untrue answers on the application
Another reason that online term insurance rates are
likely to be similar to off line rates is that much of the expense that
is applied to the purchase of life insurance is eliminated when the
policy is sold online.
In some cases there is no agent commission to pay. Even if there is an affiliate fee it is minimal as compared to what would be paid in Agents and General Agents commission.
The life insurance company does an "inspection report" whether
the policy is bought online or off line. They never miss a trick. There
is a fairly new idea sometimes referred to as
no medical life insurance
Some people think that the life insurance company is taking more risk when they issue policies on this basis. This is not really so as they follow up the application with an "inspection report" through which they find out all they need to know.
We can conclude that online term life insurance rates are similar to off line rates because even though there is more risk for the life insurance company the cost is much less to issue a policy.
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I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.
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