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With the title above, it may seem like we’re shooting ourselves in the foot as a life insurance brokerage that specializes in the Internet marketing of life and health insurance. We have thousands of people visit our website daily, and many visitors constantly approach us about whether they can purchase an insurance policy directly through our website. After pondering on this problem for a long time, we came to a conclusion that buying life insurance online would mean a disservice to our clients.
The following points are supporting our opinion why Internet is not the greatest way to purchase a life insurance policy.

1. When you buy a life insurance directly on the Internet, it is just a single product and not a part of an overall financial plan. It should always be planned carefully and considered for a specific customer – why and how much insurance is needed and what’s the optimum type of insurance. It is quite difficult to do this without speaking to a broker over the phone or in person.

2. When you decide to purchase your life insurance online, you can get only a limited product choice. In most cases, the online portfolio of life insurance policies is limited to just a few carriers and sometimes even only one carrier with a few of their policies.

3. There are often some characteristics of the insurance product that may not be fully explained to you when you purchase the insurance online. Some of the features that may not be completely clear when the policy is purchased online are for example that some ten-year term policies are not renewable or convertible, or the premium may be higher than normal renewable.

4. Many insurance policies just belong to things that are too complicated to be sold online. Universal Life and Whole Life insurance policies have far too many features to be sold directly online. In case of BMO’s Universal Life insurance policy, there are more than 400 investment options available. The product is too detailed to be sold online.

5. If you wish to get in touch with someone from the insurance company, it would be most probably with a call centre and not a broker.

Just to be understood correctly – of course the Internet is a useful source of information when purchasing life insurance. The Internet is a perfect education forum when purchasing life insurance. You can find many useful Internet tools, for example our Instant Quote Calculator or Needs Analysis Calculator, which can help you a lot. But it is one thing to look for information and another one to really purchase an insurance.

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Filed under: Insurance