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5 Whys for Not Purchasing Your Life Insurance Policy on the Internet

When you see the title of this article, you may think we are fighting against ourselves, as a company specializing in the online marketing of life and health insurance. We have thousands of people visit our website daily, and many visitors constantly approach us about if they can purchase an insurance policy directly through our website. After pondering on this idea for a long time, we came to a conclusion that purchasing life insurance via the Internet would mean a disservice to our customers.

The following arguments are supporting our opinion why Internet is not the greatest way to purchase a life insurance policy.

1. Life insurance products should be always looked at as a part of an overall financial portfolio, which is not possible to do when you purchase it directly via a website as a single product. When choosing the best life insurance policy, it is necessary to plan very carefully and determine why and how much insurance the specific client needs and therefore what is the best insurance type. Without talking to an insurance advisor in person or over the phone, this is quite difficult or even impossible.

2. Life insurance bought directly from a website is limited in its product selection. Most websites offering life insurance are limited to a few carriers and in some cases, only one carrier with a few of their products.

3. Certain insurance features may not be fully explained when a policy is bought online. Life insurance has many details and characteristics that may not be completely explained online, e.g. some ten-year term policies are not renewable or convertible, or may have a higher than normal renewable premium.

4. Some things are just too complex to be sold online, and life insurance is one of them. Universal Life and Whole Life insurance products have far too many features to be sold directly online. BMO’s Universal Life policy has over 400 investment options. The product is too detailed to be sold online.

5. Any further communication would probably be with a call centre and not a broker.

We don’t want to be misunderstood, we are not suggesting that the Internet is useless when you wish to purchase a life insurance. The Internet is a perfect education forum when purchasing life insurance. Our Instant Quote Calculator or Needs Analysis Calculator are just a few examples of great tools when looking for a life insurance policy. But it is one thing to look for information and another one to really purchase an insurance.