What Is The Best Way To Buy Life Insurance In 2019 + Tips!
You know you need life insurance, but there are several ways that you can get it and figuring out the best way to buy life insurance can get confusing because of the different options.
But here’s the thing:
There is really only one way you should be buying life insurance in 2019 because any other option is going to take up too much of your time.
In this post today, I will go over all of the ways that you can get life insurance and then explain which option is the best and why.
In This Article
How Many Ways Can You Get Life Insurance?
There are seriously about 5 different ways you can apply for life insurance and we list them below:
Through An Agent (In Person)
When people purchase life insurance, the first thing they usually think about is finding an agent to help them obtain coverage.
They also hate the idea of having to go over stuff with an agent and the back and forth.
The process usually goes like this, you reach out to an agent, and they will set up a time to come out to your home and visit you.
Once they are at your home, they go over a few products and quotes with you and attempt to help you complete the application and get the application process started.
After a few weeks, you will probably hear back from them about your policy if you have been approved or not.
It is probably the process that takes the longest for you to get life insurance.
From Your Bank
You might find it odd to find out that people buy insurance from their bank, but studies have shown that more people are buying from their banks than we once thought.
The only issue is that most banks only offer one product and usually don’t sell much life insurance directly.
You will find yourself buying coverage that you might not understand, and if you go sit down with a banker, they probably only offer a set product at a fixed price.
Buying from a bank might not get you the best product or rate for you and your family.
From An Agent (Over The Phone)
This is the area that I specialized in, selling life insurance over the phone.
I did this for over 10 years and did a great job helping customers understand insurance products and chasing them down to buy.
As an independent agent, I was commission based, so even though I am helping my customers, I still needed sales to live.
This would mean that until you say “Sa El, stop calling me” I would probably keep calling until we got you covered.
Of course, some people loved my persistence and others just outright cursed me out for calling too much.
Independent agents will be able to get you rates from multiple companies and can send you an e-app to get the application process started.
This is going to be the second fastest way to get life insurance.
Purchasing life insurance online is one of the newest ways that you can obtain life insurance.
You get to shop for life insurance the same way we do with everything else.
For instance, like shopping on Amazon or streaming on Netflix.
This type of life insurance is sometimes known as simplified issue life insurance or no exam life insurance, and you get to buy direct and fast.
There is no option faster than buying direct term life insurance online.
Through Your Job
Your job is usually only going to give you 1X(times) your annual income in life insurance.
So if you make $50,000 per year, you will get a life insurance policy for $50,000, sometimes it will be free, sometimes it will cost.
However, I don’t recommend having any life insurance from your job as your primary form of life insurance.
This is because if you leave that job you will lose your coverage and it usually is nowhere near enough coverage for your family.
If you make $50,000 per year, you should at the least have $500,000 in life insurance.
What Is The Best Way To Buy Life Insurance?
I am going to say hands down, the best way is to purchase life insurance is 100% online, and here is why:
Buy At Your Own Pace
When it comes to purchasing anything the worst feeling to have is buyers remorse, this usually comes from being rushed into a buying decision.
When you purchase online, you get to buy the policy that works best for you when you are ready.
But keep in mind:
While you do get to buy at your own pace, it doesn’t mean that you should procrastinate to the point of never getting coverage.
Get Instant Coverage
The best thing about buying online is that you can get approved instantly for coverage and pay for your policy in under 5 minutes.
You get to avoid that usual 75 day waiting period that comes with purchasing life insurance the traditional way.
There is no faster option when it comes to buying life insurance.
Bypass A Medical Exam
The one thing that has been stopping people from enjoying the life insurance buying process is having to complete a medical exam.
Buying online gets you the ability to bypass the medical exam.
You don’t have to schedule a time with an examiner, and this also cuts down your waiting period substantially.
This benefit alone really trumps the other options.
Avoid 100 Agent Phone Calls
If you submit your personal information when trying to get life insurance quotes, you are probably going to get called from over 100 agents.
Trust me, I used to be one of those agents calling you until you told me to stop.
I have an entire article about how to get life insurance quotes with no phone calls from agents.
Go direct and buy online to avoid all of these calls.
You Get To Read Online Reviews
The best thing about shopping for life insurance online is that you can check out reviews about each company.
These reviews go into deep detail about how each of these products will work as well as the financial stability of each company.
You also learn about the different products that they offer in great detail.
It Doesn’t Cost More
Life insurance pricing is mandated by the state that you live in.
This means that it doesn’t cost you more money if you buy from an agent or go directly with an insurance company.
What Is The Best Company To Buy From?
While there are some excellent no exam term life insurance companies to choose from, we haven't found any better than Bestow life.
Check out our quick overview of them below:
About Canada Protection Plan
Canada Protection Plan, known as CPP is backed by Foresters Life Insurance Company.
Foresters has been around for over 140 years and as of today Foresters holds an A (Excellent) rating with A. M. Best.
CPP is known for their no exam and simplified issue life insurance products in Canada.
Their primary goal is quick applications with a ton of benefits included.
Riders & Options
Simply Insurance Thinks
Canada Protection Plan is the most affordable simplified issue, no physical exam term life insurance product. They have a very easy online application and the process doesn't require an agent. We are seeing clients go from application to approval within 5 minutes; Bestow is the best life insurance product in this space by far.
Life INSurance resources
IN THIS ARTICLE
Now that you know the best way to buy life insurance you shouldn’t wait another minute procrastinating.
The longer you wait, the more expensive insurance becomes, and it also becomes harder to obtain.
You can get quick quotes and buy your policy fast by clicking the button above, and you can also check out the review we discussed above.
It’s great that you know you need life insurance, now it’s time to get to it.
Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.