[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.easyquotes4you.com\/buy-life-insurance-online\/#BlogPosting","mainEntityOfPage":"https:\/\/www.easyquotes4you.com\/buy-life-insurance-online\/","headline":"How to Buy Life Insurance Online: Your Complete Guide for 2020","name":"How to Buy Life Insurance Online: Your Complete Guide for 2020","description":"Quick Navigation Links Show 1 How to buy life insurance online? 2 What You Need to Know About Life Insurance 3 Let\u2019s look at some reasons to purchase life insurance: 4 Business owner 5 Debt 6 You\u2019re the Income Source for Others 7 You Are Leaving Behind A Legacy 8 Insurance Can Get Pricey with.. More<\/a>","datePublished":"2018-12-01","dateModified":"2020-02-20","author":{"@type":"Person","@id":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/#Person","name":"Rob Pinner","url":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rob Pinner","logo":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2019\/01\/types-of-life-insurance.jpg","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2019\/01\/types-of-life-insurance.jpg","height":938,"width":1300},"url":"https:\/\/www.easyquotes4you.com\/buy-life-insurance-online\/","about":["Life Insurance"],"wordCount":3365,"keywords":["annual renewable term","buy online","buying life insurance","buying term life","experienced agent","final expense","independent agent","indexed universal life","indexed universal life policy","life","life insurance basics","term life","universal life","what is life insurance","whole life"],"articleBody":" Quick Navigation Links Show 1 How to buy life insurance online? 2 What You Need to Know About Life Insurance 3 Let\u2019s look at some reasons to purchase life insurance: 4 Business owner 5 Debt 6 You\u2019re the Income Source for Others 7 You Are Leaving Behind A Legacy 8 Insurance Can Get Pricey with Age and Health 9 Own a Home 10 Funeral Costs 11 Special Needs Child\/Children 12 Now that we know why you need life insurance, let\u2019s look at some key terms to understand life insurance. 13 Key Terms 14 Different Types of Life Insurance 15 Accidental Death and Dismemberment Insurance 16 Credit Life Insurance 17 Final Expense Insurance 18 Survivorship Insurance-Second-To-Die 19 No Exam Term Life Insurance 20 Universal Life Insurance 21 Whole Life Insurance 22 About to Buy Life Insurance Online? 23 How Much Life Insurance Do You Need? 24 Factors for Life Insurance Rates 25 Tips for when you Buy Life Insurance Online 26 Lower Your Risk Factors 27 Know How Much Life Insurance You Need 28 Look at It All Your Options 29 Common Mistakes to Watch Out For 30 Minor Beneficiaries Without Safety Nets 31 No Backup Beneficiaries-Contingent Beneficiaries 32 Waiting to Buy 33 Not Enough Life Insurance 34 My Thoughts 35 Frequently Asked Questions 36 What are some tips when buying life insurance online? 37 What are reasons to own life insurance? 38 What factors into life insurance rates? How to buy life insurance online?Are you looking to buy life insurance online? Don\u2019t look any further, we have you covered. We will discuss what the benefits of life insurance are, what types of policies are available, and what to look out for when purchasing online. So sit back with your cup of coffee and enjoy.Life insurance is a fantastic way to protect your loved ones, yet it is often put to the side and seen as irrelevant. It is a difficult discussion to talk about dying, yet it is very important to do so. Life insurance is a valuable tool to have in your financial toolbox.Life insurance is easy to get started, and with the right guidance you can make an informed decision and find an affordable policy that will fit your needs.What You Need to Know About Life InsuranceIf you don\u2019t want to dive head first into a six-figure policy, then you are not alone. Everyone normally takes a hesitant approach to life insurance, thinking that they won\u2019t need it.People with this tendency tend to buy life insurance later based on false ideas such as:\u201cI\u2019m in my prime years and I\u2019m healthy, I don\u2019t need life insurance yet\u201d\u201cI\u2019m single with no kids, no one relies on it\u201d\u201cLife insurance is just too expensive for me\u201dEven though these things may be true at the time, these factors will surely change as you get older and the life insurance will get more expensive.A common myth is that life insurance is expensive, which in some instances it can be, but if planned properly and not put on the bottom of the to do list, it\u2019s a fact you can secure life insurance at an affordable rate.Let\u2019s look at some reasons to purchase life insurance:You are a Business QwnerYou have DebtFamily Members that Depend on YouYou Want to Leave a LegacyPrice Locking\/Locking in the premiumHome Owner\/MortgageFuneral CostsSpecial Needs ChildBusiness ownerIf you own a business, you can use life insurance to ensure your business\u2019 financial security for when you pass. If you choose personal, shared, or even key man life insurance you can insure that the people you love are safe. Life insurance for business owners can ensure there is a smooth transfer of ownership for your loved ones.DebtAre you still paying your student loans? Do you have an auto loan?If you have transferable debt that you don\u2019t pay off before you die, then your family and even your business partner(s) could be left with the job of paying it off.You\u2019re the Income Source for OthersDo you have anybody relying on you financially? If so, life insurance is the way you can provide for them after your passing. If you are a spouse, grandparent, parent, or even a caregiver for relatives, then you need to make sure you have a stable life insurance policy, so you can protect them.Think how much money it will take to replace your income and help secure the well beings of the cared ones when looking for a policy. Check out our life insurance calculator and needs analysis here.You Are Leaving Behind A LegacyTrying to provide for your heirs? Investment accounts are an excellent way to ensure you will, but life insurance policies are even better! Life insurance policies skips probate and is almost always a tax free disbursement.\u201cDo you want to fund something important? Like future grand-kids college funds?\u201d\u201cOr do you want to leave an inheritance?\u201dThere are many different life insurance policies on the table that will help you leave a legacy for your loved ones tax free!Insurance Can Get Pricey with Age and HealthThe longer you wait on getting yourself a policy, the higher you will pay for premiums. Each and every year that you get older the premium increases because of an age change. If your health declines, you risk the prices going up even more.Locking in the price at a young age could save you a substantially amount of money, and sometimes secure you life insurance that you may not qualify or afford when you really need it.Own a HomeThis could have very easily fallen under any outstanding debt, but we feel that a home is more than just a debt. A home is an investment, and probably the biggest for most of us, so it\u2019s very important to have this protected. Life insurance can take the guesswork out of where you loved ones will live in the event of a tragedy.Funeral CostsWith funerals averaging around $8,000-$12,000, it is very important to have life insurance in place.Special Needs Child\/ChildrenIf you have a special needs child then life insurance can be use to make sure your child receives the care they deserve long after you are gone. Life insurance is commonly used to fund special needs trusts.Now that we know why you need life insurance, let\u2019s look at some key terms to understand life insurance.Key TermsBeneficiary\u2013 The people or organization that will receive the money from your policy after you pass.Cash Value\u2013 The amount of the money that grows in a permanent or whole life policy.Death Benefit\u2013 The total amount of money the beneficiary will receive after your passing.Dividend\u2013 Whole life policy benefit that will pay a percentage of the policyholder\u2019s total amount on a timed basis.Insured\u2013 The person covered by a policy.Policy\u2013 The document that describes the insurance plan and honors their terms.Policyholder\u2013 The life insurance policy owner, normally the insured person.Premium\u2013 The money a policyholder pays to the insurance company to keep the policy the same.Rider\u2013 Conditions added to the policy that can extend or limit the coverage on your policy.Risk Classification- The way of assessing the risk of taking on insurance based on health, lifestyle, profession, and other factors that can impact your premiums and rates.Underwriter\u2013 The professional that will assess the rates of a policyholder using the risk classification.Different Types of Life InsuranceNow with your new knowledge of life insurance, let\u2019s look at the different types of policies available.There are some policies more popular than others, but we need to find the option best that will fit for you.Accidental Death and Dismemberment InsuranceWith this policy, you will get death benefits only when the policyholder dies in an accident.This policy will also cover if you lose a limb or a sense.These policies do not cover death from illness or surgery, suicide, overdose, or high risk activities (rock climbing, bungee jumping, or racing).This policy is good to have for frequent travelers, young adults, and anyone accident prone.OverallThis coverage is affordable but is not the best for your money.A lot of companies offer it for their employees, so in that case it is smart.But it shouldn\u2019t be your main insurance plan or disability insurance.Credit Life InsuranceIf you take out loans, such as a car loan, personal loan, or mortgage loan, you can get an insurance policy that will help paying off the loans in the wake of your death.With this life insurance, as your loan balance decreases so does your cash value for that loan. The goal is for both to reach $0.When taking a loan with the bank, they may offer you this policy as it will protect the bank if something is to happen.Instead of benefiting your loved ones, this will settle your debt, so your loved ones won\u2019t end up paying it back from their pockets.The cost, however, is a huge downside.If you are healthy then you can get a term life insurance policy for far less money. It won\u2019t lose benefit over time and is directly paid to your beneficiaries.Final Expense InsuranceThis insurance has a specific purpose to pay for burial costs.Instead of replacing the income, this policy pays your final expenses and some debt.If you planned a funeral, the cost is very high for the burial, memorial and headstones.The costs average around $8,000-$12,000, this life insurance plan will help with the costs, especially in this difficult time.This life insurance policy can also help pay any unpaid medical bills.These plans, while limited, can be a good option for an older person looking to protect their loved ones from funeral costs.Survivorship Insurance-Second-To-DieThis insurance policy is also known as Second-To-Die policies. These are joint policies that pay the beneficiaries when both policyholders pass.With this policy you have many plans to choose from such as whole life, universal and variable plans.These types of polices do build cash value, which can be used later to offset premium costs.This policy can be helpful for couples who have estate problems or want to leave a legacy behind.No Exam Term Life InsuranceThis is one of the most popular choices for that fact that it can offer lots of coverage with a very affordable cost.It also is very simple, because the premium and length of policy are set at time of issue.Term life insurance does expire.Since it is not for your entire life, it is a lot cheaper than permanent life insurance and fits in most peoples budget.Universal Life InsuranceA universal life insurance policy is a type of permanent policy.The premiums are based on your age and the amount of insurance.These types of policies are designed to have increasing premium costs which are offset by cash value accumulation over the duration of the policy.Be weary that if the cash value doesn\u2019t accumulate as projected, this could lead to a premium increase down the road.Universal life policies do come with a guaranteed premium option that is highly recommended when looking to purchase a policy.Variable Life is\u00a0a type of universal life insurance, allows you to put the investment component of your policy into sub account which are similar to mutual funds, instead of keeping you in an established interest rate.Your policy account will also be managed by professionals.Indexed universal life insurance is\u00a0another type of universal life insurance, the insurance companies base the growth of your cash value on the returns of various indexes. .Indexed universal life\u2019s cash value component has a minimum interest rate that is guaranteed on all products.Whole Life InsuranceThis is the most secure and easily obtained policies that you can get.There are no term limit set, meaning it won\u2019t run out, and your rates will not change over time. There is also a cash value accumulation feature.You know what you\u2019re getting when you purchase this policy.If you were to get an illness out of the blue, your premiums will not be affected.All you need to do is keep up with your payments!You could end up paying 5 or even 10 times more on a whole life plan than a term life policy.With steep premiums most can\u2019t afford to get the life insurance they need if something affects their income.But if you are a high-income individual then whole life might be great for you.If not, please go along with caution, and keep in mind your other options.About to Buy Life Insurance Online?When you are about to buy life insurance online there are some important factors to think about before diving in. You should always consider this:How Much Life Insurance Do You Need?With our new-found knowledge of the different policies, how do you know how much is right for you? This is very important when you are looking to buy life insurance online.You need to know your specific situation and this is how you will determine this.You can tally your expenses to determine how much to get and subtract your savings, investments, and other assets.First, though, you need to ask why you are purchasing life insurance.If you want to replace your income in the wake of your death, then you want to buy a large enough policy that will do that. Most say to multiply your income by 10 to figure that out.Ensuring your child\u2019s success in college along with replacing income, you will want to find the costs of college for four years for each child and multiply it by 10.You have debt to pay off?Want to just leave a legacy? This is dependent on your own plans.Factors for Life Insurance RatesWith any life insurance policy, there are many factors that will affect your premiums.Let\u2019s look at the key factors\u2026When you are in good health your premiums will be lower than if you were in not so good health. Even if you smoke that may very well increase your premiums.The younger you are when purchasing life insurance, the better. As you age your premiums will increase and by the age of 50 your premiums can be 10% higher than premiums in your 30\u2019s.Family History is a factor when determining premium costs.. If diseases or even cancer run in your family then your premiums might be higher.Women tend to outlive men statistically, so if you are female your premiums might be much cheaper than mens.Are you a risk taker? Like to cliff jump? Skydive? Then you may be at risk for your premiums going up instead of a stay at home parent.Tips for when you Buy Life Insurance OnlineIt can be stressful when buying life insurance, so here are some tips!Lower Your Risk FactorsNormally you will notice that with a low risk lifestyle and perfect health you will see a preferred plus or premium plus.People with a normal health who are overweight might fall into a standard category, even if someone related to this person passed before 60.Then there are the smokers. Smoker rates for life insurance are usually about 40% higher than non smoker rates. In other words, it going to cost more if you cannot quit.Someone who has recently quit for a year or more can qualify for non smoker status. If you have quit for 5 years or more you may qualify for a better rate.You can\u2019t change your family\u2019s health history, you can get lower rates with these steps\u2026Get and maintain a healthy weight.Lower your cholesterol and blood pressure.Stop smoking!Try and play it safe, cut back on life risking activities.Start today and don\u2019t wait on tomorrow!Know How Much Life Insurance You NeedTalk with your loved ones and figure out what is best for everyone.For most, term life is the answer, it\u2019s affordable and safe.Keep in mind though that it is different and unique to everyone, so do your research.Look at It All Your OptionsDon\u2019t dive in blindly, you and your financial plans are unique to you. So always look for what is best for you.Talk to an agent who wants what\u2019s best for you.Common Mistakes to Watch Out ForMistakes happen all the time, so we are here to help prevent that.Minor Beneficiaries Without Safety NetsIf you are a single parent or divorced, you probably have your kids in mind as your beneficiaries. If you don\u2019t have safeguards in place, then they may be at risk.Some cases, the beneficiaries, who are underage, may not get the money for burial services in time for a funeral.This can be avoided using Uniform Transfers to Minor Act. With a UTMA, a custodian (chosen by the parent) will be able to control the assets for the minor. Just be careful of who you choose.No Backup Beneficiaries-Contingent BeneficiariesWhat if your loved ones are there with you when something happens, like an accident?If something happened to you, your spouse, and your kids, wouldn\u2019t you want your parents or grandparents to receive your benefits?Therefore, you need a backup beneficiary or contingent beneficiary, so you know it\u2019ll go to someone you love.Waiting to BuyRates go up with age. You can be the healthiest and think you don\u2019t need life insurance. But life is random, things happen. Life is full of unexpected events and we all hope it won\u2019t happen to us, but it\u2019s better to prepared than not. Don\u2019t wait to buy!!Not Enough Life InsuranceMost believe you only need to pay for monthly bills and funeral costs. This is a good way to start but you should also think about extra costs for your family such as college tuition or income replacement.My ThoughtsLife is random, but with life insurance you will always know you will leave your loved ones protected in the wake of an tragedy. When buying life insurance online always do your research not only on the company your purchasing from, but also the agent who is representing you.Check out our best life insurance companies for 2019Be sure to protect yourself and your loved ones.\u00a0 If you have any questions or comment please don\u2019t hesitate to contact us. We are here to help.\u00a0Frequently Asked Questions\u00a0\t\t\t\t\t\t\t\t\tWhat are some tips when buying life insurance online?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSome tips to buying life insurance online are:-Lower your risk factors-Know how much life insurance you need-Shop multiple carriers-Work with an independent agent that has your best interests\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat are reasons to own life insurance?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tThe reasons to own life insurance are: You are a Business Qwner You have Debt Family Members that Depend on You You Want to Leave a Legacy Price Locking\/Locking in the premium Home Owner\/Mortgage Funeral Costs Special Needs Child \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWhat factors into life insurance rates?\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tWith any life insurance policy, there are many factors that will affect your premiums.Let\u2019s look at the key factors\u2026When you are in good health your premiums will be lower than if you were in not so good health. Even if you smoke that may very well increase your premiums. The younger you are when purchasing life insurance, the better. As you age your premiums will increase and by the age of 50 your premiums can be 10% higher than premiums in your 30\u2019s. Family History is a factor when determining premium costs.. If diseases or even cancer run in your family then your premiums might be higher. Women tend to outlive men statistically, so if you are female your premiums might be much cheaper than mens. Are you a risk taker? Like to cliff jump? Skydive? Then you may be at risk for your premiums going up instead of a stay at home parent. \u00a0 \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t{\t\t\"@context\": \"https:\/\/schema.org\",\t\t\"@type\": \"FAQPage\",\t\t\"mainEntity\": [\t\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What are some tips when buying life insurance online?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Some tips to buying life insurance online are:-Lower your risk factors-Know how much life insurance you need-Shop multiple carriers-Work with an independent agent that has your best interests\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What are reasons to own life insurance?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"The reasons to own life insurance are:You are a Business QwnerYou have DebtFamily Members that Depend on YouYou Want to Leave a LegacyPrice Locking\/Locking in the premiumHome Owner\/MortgageFuneral CostsSpecial Needs Child\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What factors into life insurance rates?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"With any life insurance policy, there are many factors that will affect your premiums.Let\u2019s look at the key factors\u2026When you are in good health your premiums will be lower than if you were in not so good health. Even if you smoke that may very well increase your premiums.The younger you are when purchasing life insurance, the better. As you age your premiums will increase and by the age of 50 your premiums can be 10% higher than premiums in your 30's.Family History is a factor when determining premium costs.. If diseases or even cancer run in your family then your premiums might be higher.Women tend to outlive men statistically, so if you are female your premiums might be much cheaper than mens.Are you a risk taker? Like to cliff jump? Skydive? Then you may be at risk for your premiums going up instead of a stay at home parent. \u00a0\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t\t\t\t]\t}"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"How to Buy Life Insurance Online: Your Complete Guide for 2020","item":"https:\/\/www.easyquotes4you.com\/buy-life-insurance-online\/#breadcrumbitem"}]}]