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When you see the title of this article, you might think we are fighting against ourselves, as a company specializing in the Internet marketing of life and health insurance. Every day, thousands of people visit our website and many of them contact us asking if it’s possible to purchase an insurance policy straight via our website. While we have tinkered with and marinated on this idea, we are afraid buying life insurance online is a disservice to our customers.
The following reasons are supporting our opinion why Internet is not the best 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 evaluated carefully and determined for a specific person – why and how much insurance is necessary and what’s the optimum type of insurance. All this is very difficult to be done, if you don’t speak to an insurance advisor in person or at least over the phone.

2. The websites where you can directly purchase a life insurance policy offer only a limited product choice. Most websites selling life insurance are limited to a few companies and in some cases, only one carrier with a few of their products.

3. Certain insurance characteristics may not be fully explained when a policy is purchased online. When you purchase your life insurance online, you may be surprised later about some features – for instance some ten-year term policies are not renewable or convertible, or may have a higher than usual renewable premium, and so on.

4. Many insurance products just belong to things that are too complex to be sold online. There are too many characteristics in some products (for example Universal Life or Whole Life insurance) that cannot be disclosed when the policy is sold directly online. In case of BMO’s Universal Life insurance policy, there are more than 400 investment possibilities available. The whole product is just too detailed to be sold via the Internet.

5. Any further contact with the company (if you need it) is likely to be with a call centre worker and not an insurance agent.

We don’t want to be misunderstood, we are not suggesting that the Internet is useless when you wish to buy a life insurance. You can find out all sorts of great information concerning life insurance on the Internet. For instance tools such as our Instant Quote Calculator or Needs Analysis Calculator can be a big help. But looking for information and actually buying a policy are two very different things.

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Filed under: Insurance