Checklist for Buying a Term Life Insurance Policy Online
Here's a checklist to help you shop and compare affordable term life insurance plans online from some of the best life insurance carriers in America.
- First, you need to understand your current and future financial needs for you and your loved ones. You can use our life insurance needs calculator to quickly and easily determine your life insurance needs.
- Next, you want to shop and compare life insurance rates from leading insurance companies. This way you can find the best prices from the most financially secure insurance companies.
- Check on the financial status of the insurance companies you are considering. The quotes you receive should identify the A.M. Best Financial Rating of each insurer. This gives you a good understanding of the financial strength and security of the insurer.
- Take your time. Review the offers carefully. If you want, request a copy of the insurance policy to better understand all exclusions, restrictions and coverage.
- Select the one best policy to meet all your needs.
- Make sure you have completed the application accurately. Make sure to answer all questions honestly. Your coverage relies on the responses to your application.
- Choose the annual payment option if you can afford it. There is usually a surcharge added to the premium if you choose to pay monthly, quarterly or semi-annually.
- Most consumers purchase a level term life insurance policy. Because it provides you with guaranteed rates that will remain the same for the full term of your policy. And, you can usually get the maximum amount of protection at the lowest rates.
- It usually takes the insurance company about 45 to 60 days to get your life insurance policy to you. Once you receive it, make sure to review the policy and make notes about anything you don’t understand. That way you can contact your agent and get a clear understanding of all questions you have.
- Also, make sure there are no errors in your policy. Check your address, name, age, coverage amount, rates, policy period and beneficiaries.
Remember, most life insurance policies come with a Free Look Period of between 10 to 30 days. If you decide you don’t want the policy once you receive it, contact your life insurance company immediately. You can get a full refund of the premiums you have paid.
Compare Term Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Haven Life
- Get up to $1,000,000 of affordable term life insurance today
- Apply online in under 20 minutes, start coverage today
- Backed by MassMutual, rated A++ by AM Best
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
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