Ah, the internet…don’t you just love it? It’s a plethora of electro-digital magic. If you like to shop from the comfort of your favorite armchair the internet is for you! It’s all there…from miniature dollhouses to mansions, Hot Wheels to Ferraris, scooters to Harleys, you name it, you can find it and buy it right on the internet, bliss right?
Not always.
In Latin the phrase is: “Caveat emptor”. In English the term means “Let the buyer beware”. The internet is a great source for research, news, entertainment, education and of course, shopping. We as consumers need to be extra careful with many of the websites we visit, especially those that require our personal information in order to transact business. We must be careful of where our information may end up.
This leads me to the title and purpose of this article: “Buying Term Life Insurance Online (EXPOSED)”.
What exactly am I trying to “expose” about Term Life Insurance?
Well, nothing actually. This article is not about the product per se, it’s more about the process of buying it online.
If you have ever shopped for life insurance online you know there are literally hundreds of websites that offer the stuff. While many of the websites are legitimate online insurance agencies who handle your transaction from start to finish, there are also many so-called “insurance websites” that operate completely different and this is where the Caveat emptor warning applies.
First a little background. I have been in the insurance and financial services business for 30 years and I have seen young agents come and go so fast it would make your head spin. What makes this business so hard for these folks? They can’t seem to get in front of enough people in the course of a week to make a living.
Since necessity is the mother-of-invention, providing an online “lead-source” to these hungry agents seems like a very profitable business opportunity. Before you knew it, websites sprang up all over the internet, websites that marketed their “lead services” to life insurance agents all over the country.
So what’s the big deal?
Well, there isn’t one if you don’t mind having your personal information sold to as many as 8 insurance agents at the same time. To me this is a big deal and I would wager that to most consumers that this would be a big deal as well.
Many of the online insurance websites are nothing more than lead gathering sites. They may look like a site for a legitimate insurance agency but they are not. They simply lure the consumer in with statements like “we offer the lowest cost term insurance in America” or they may offer “deep discounts”.
This is all nonsense!
Life insurance premiums are heavily regulated in America. There is literally no difference in one agency’s quote to another’s. The quote that agent Smith offers for a John Hancock 20-Year Level Premium Term policy at a Preferred, Non-Smoker rate is exactly the same as the quote agent Jones is offering for the same product.
So don’t be lured in by such claims!
If you look close, the “lead” sites are obvious. Check their “Privacy Statements”. If they sell your information they are required by law to state such in their privacy statement. Also, before entering your information on the website’s “quote engine”, look for a disclaimer that states something like:
“By submitting your information and quote request, you agree to be contacted by telephone from representatives of up to eight life insurance companies, including but not limited to…”
If you come across a “lead-generating” website I suggest you move-on to another site that is owned and operated by a legitimate insurance agency, one which will handle and service your account from start to finish and will not sell your information
While the information contained in this article is important for every consumer, it’s especially important for our nation’s “Guardians of the Peace”. Those brave men and women behind the badge that place their lives in harm’s way every day. Law Enforcement Officers need to be extra careful about sharing their information online or anywhere else for obvious reasons. Please heed this advice. If a Police Officer wishes to purchase Term Life Insurance online then search for an agency that provides Term Life Insurance for Police Officers. There are agencies that specialize in the unique insurance needs of Law Enforcement Officers.
Remember officers: An “End-of-Watch” does not have to mean and “End-of-Income” for your Loved Ones. Buy Life Insurance!
