The number of people interested in purchasing insurance has increased day by day. Besides the traditional offline way, there is now a more convenient means of shopping for life insurance – buy insurance online. Is it possible for all, how to buy, what should be taken into account is the frequently asked questions? Below, we will present you with some of our answers.
What is online life insurance?
What is online life insurance?
Online insurance is an alternative method of purchasing insurance in which you use the internet or online platforms to get suitable policies. It does not involve human-to-human conversation; many have succeeded in buying one inside their house’s comfort.
This online method benefits the insurers as well. It pulls the seller-customer connection close, making room for behavior understanding and increasing the profit. Hence, many companies have launched online platforms side by side offline channels.
Reasons to buy insurance online?
Still wonder whether you should buy online life insurance or purchase insurance through an offline agent? Here are five benefits of buying online insurance to ease away your skepticism.
You do not need to walk outside of your house looking for agents or insurance companies to get quotes. Those days are in the past with the help of the internet approach. Time-saving and hassle-free. Moreover, many companies offer user-friendly interfaces to make buying easy.
The internet is flooded with vast amounts of insurance information. After a time of digging in different policies, you can choose the one that suits your needs. Moreover, online insurance companies provide live chat or video call assistance to answer questions on suitable plans.
* Less paperwork
No more stacks of files and documents; online insurance reduces the work with digital upload and verification.
Most companies provide secured services for customers. To ensure your transaction, work with a reputable name, such as Insurance Direct Canada (IDC).
How to buy insurance online?
Buying insurance online needs to be considered thoroughly. Buyers need to research for agencies, understand the policy, and make an intelligent discussion. Keep in mind the critical factors that affected online insurance quotes: age, gender, health conditions, and the time duration of each plan.
Research available plans and analyze your requirements. Decide what you need, basic term insurance or whole life plan, on the financial state and other factors.
– Choose the right policy after assessing needs. Find the best plan with the top benefits at the best price.
– Read in detail the top two or three positions. List the questions and connect with the online support team for further answers.
– Make sure to buy your desired one through the insurer’s official website. Verify the content after receiving actual offline products. Make calls with your insurers right away in case of discrepancy.
Things to note before buying online insurance
- Buying insurance online is not the exact nature of deposit and saving accounts.
- Once early termination, premiums paid should not be returned if the policy does not note so
- Many companies offer a free 14-day cancellation
- Seeking help from a sales representative is possible if you need a detailed explanation of the plan features
Technology innovation has made it possible for customers to buy insurance online. The once long and tedious work has now turned into an easy breeze. With just one click online, buyers can purchase, claim, and renew the policy without setting up a meeting. Insurance services are direct and more efficient.
Frequently Asked Questions
Is it safe to shop for insurance online?
When buying insurance online, there is often the fear of personal information hacking or document wrongdoing. This fear has made many people hesitate in purchasing online insurance.
With the technology revolution nowadays, you do not need to worry much, as the technology barrier can make the insurance purchasing process safer. The Internet firewall helps to protect money transactions. Security checks help to maintain personal information in a safe zone without leaking them to external sources.
Make sure to check the official website of the insurance companies and remember your account for the last check-up.
Is it better to buy insurance online or through an agent?
Shopping insurance online and through an agent or broker both have their own advantages and disadvantages. Comparison is listed into categories as follows.
* Large online platform vs. agents’ recommendations
In the age of digital platform development, customers can access all sources of information with just a click. Many websites provide listings of insurance companies, their reputation, quotes, and so on. At the same time, insurance companies and their policies, rates, and costs are displayed online on their official websites. After research and comparing the information, free of charge, you can come to the final insurance decision that is a perfect fit for you.
On the other hand, when working with an agent, you can only get to know the insurance providers and policies that he/she offers. Even if you demand to know more details, there always exist skeptics.
* Free transaction vs. commission
When buying insurance online, you can easily pay the premium with no hidden costs. The transaction is directly shown in numbers on the website, and you are free to click to settle or drop out. The online platforms of insurance companies are all connected to reputable banks and digital wallets. So, there will often be discounts to lower the premium rate.
In agent cases, you may have to pay off a fee to cover their service. This act can raise the total cost of an insurance policy.
* Direct access vs. intermediate access
In the case of online insurance, you do not need to go through a mediator to get the information of your preferred insurance providers. You can search all online; all information is available. For more detail, there is always a help service line that is online 24 hours a day.
What are some disadvantages when buying insurance online?
Despite owning a series of benefits, online insurance does have a few disadvantages.
First, online insurance may sometimes be considered inflexible. All the policies are pre-set and cannot alter to match buyers’ demands. You cannot directly customize the policy to your own needs.
Second, online insurance may not allow riders options. One insurance company can provide riders with an option to a policy when buying offline. But with the same company, if you buy insurance online, rider options may not be available.
Third, online insurance may not be suitable for those who do not understand how insurance works. There will always be an intermediate with traditional insurance purchasing who can lead you to an adequate policy and guide you through all that paperwork.
What is the best life insurance company to buy online in Canada?
With just a click and no additional cost, you can purchase yourself a good insurance policy online. Find you a prestigious insurance online search platform to check, and below is the list of the best insurance providers in Canada for your consideration.
– RBC Insurance
– SSQ Financial Group
– BMO Insurance
– Canada Life
– Assumption Life
– Empire Life
– Canada Protection Plan
– Sun Life
Who should buy insurance online?
If you know your needs and demands for an insurance policy, and of course, with a good hand of technology and the internet, you should buy insurance online. Compare among various choices and choose the one with a favorable premium that suits your situation. You can save a lot of time haggling with a real-life agent.
A broker like Insurance Direct Canada (IDC) can provide you with quotes at different rates ranges along with all details so you can make your decision.