Can I Buy Life Insurance Online Now?

Have you been putting off purchasing life insurance? That could be a mistake. Life insurance offers important protection, and the sooner you have it, the better. Buying life insurance doesn’t have to be difficult, either. You can even buy life insurance online now.

Don’t Wait to Buy Online Life Insurance

Waiting to buy life insurance can be a mistake for two major reasons.

First, your life insurance rates may go up as you age and develop new health issues. If you are still young and healthy, you can lock in the best rates for an affordable life insurance policy. But what happens if you put off buying a life insurance policy and develop a medical condition in the meantime? Your insurance rates might go up. You might even be denied life insurance coverage. Buying life insurance sooner rather than later is the best way to avoid this possibility – and there’s no time like the present.

Second, an expected death can devastate a family. When families lose a breadwinner, they can suffer financial ruin on top of their grief. With life insurance, you can make sure your loved ones will be financially secure no matter what happens. And because we never know what tomorrow will bring, it’s smart to buy life insurance today. 

What Kind of Life Insurance Policy Can You Buy Online?

Life insurance companies actually offer many different types of life insurance.

Life insurance typically involves two major financial transactions: a premium and a death benefit. The policyholder pays a premium, which is the cost of owning the life insurance policy. The policyholder also names a beneficiary, or possible multiple beneficiaries, for the policy. If the insured dies when the policy is in force, the death benefit is paid to the beneficiaries. 

But beyond this, there are many variations.

Term life insurance is written to cover a predetermined period of time. This term could be relatively short – for example, five years – or relatively long – for example, twenty or thirty years. A term policy can offer affordable life insurance coverage, and it can provide protection until certain milestones are reached, for example, until a mortgage is paid off or until a couple’s children have grown.

Permanent life insurance works differently. Permanent life insurance can last for the policyholder’s entire life, as long as the policy is maintained. Like term life insurance, permanent life insurance offers a death benefit. Unlike term life insurance, permanent life insurance can also accrue a cash value. 

There are different types of permanent life insurance, including whole life insurance and universal life insurance. Life insurance policies can also be customized through the use of riders, or life insurance policy clauses that add certain benefits.  

Do You Need a Medical Exam to Buy Term Life Insurance?

Traditionally, it has been necessary to answer questions about your medical history and undergo a medical exam before you can purchase life insurance from a life insurance company. However, this is not always necessary anymore.

You may be able to purchase a guaranteed life insurance policy with no medical exam. You may also be able to purchase a no-medical exam life policy with accelerated underwriting that eliminates the need for time-consuming medical exams by using access to modern databases. 

How Much Does Permanent or Term Life Insurance Cost?

Cheap life insurance is available, but your actual costs will depend on many factors.

Are you buying a term life insurance policy or a permanent life insurance policy? Term life insurance is typically less expensive than permanent life insurance. If you are looking for affordable life insurance coverage for a set number of years, consider buying term insurance.

How much life insurance do you need? The death benefit you choose will impact your rates. For example, if you only want a $10,000 life insurance policy to cover final expenses and burial costs, you will pay much less than if you want a life insurance policy with a $1,000,000 death benefit.

What is your age and health condition? Life insurance rates typically go up as you age. Health problems and high-risk characteristics, such as being a smoker, can also increase your rates. 

According to LIMRA’s Life Insurance Barometer Study, many people overestimate the cost of life insurance. A healthy 30-year-old might pay $160 per year for a term life insurance policy, but 44% of Millennials think the policy will cost around $1,000.

It’s possible that you’re overestimating the cost of life insurance, too. To see how much you might pay for life insurance, you can get an online life insurance quote. 

How Much Life Insurance Do You Need?

Before you buy life insurance online, you should determine how much life insurance you need. Don’t just pick a number that sounds good to you. Calculate your actual needs. 

For example, do you need life insurance to replace lost income? If so, you can multiply the annual salary by the number of years you want your life insurance policy to cover. Using this method, if you wanted life insurance to replace 10 years of income, at $50,000 per year, you would need a policy worth $500,000.

You can also determine your life insurance needs by calculating your expected expenses. These expenses might include a mortgage and other bills, childcare costs, and college tuition. Adding up these expenses will help you see how much life insurance you really need.

Also, consider your other assets. If your family has other savings to draw on, you might not need as much life insurance. 

How to Buy Life Insurance Online

Buying life insurance online is easier than ever. 

Once you determine your life insurance needs – for example, what kind of policy you want and how much you need – you can get an online life insurance quote. This will let you see what life insurance rates different life insurance companies offer. You may need to answer a few questions about yourself, your ZIP code, and your health before you can get a life insurance quote. Multiple insurance companies and insurance brokers offer online life insurance quotes.

If you are interested in purchasing a life insurance policy, you will need to fill out a life insurance application. Depending on the type of life insurance policy you are buying and the underwriting requirements, you may need to undergo a medical exam. You will be told whether a medical exam is needed and what other paperwork you need to submit. If you are purchasing a no-medical exam life insurance policy with accelerated underwriting, buying a policy online can be fast and easy. 

Ready to explore your life insurance options? Start your online quote here.