Do you think about getting life insurance? If so, it's a good idea to look online for life insurance to see what companies have to offer.
In the past few years, the online market for life insurance has grown very strong. Most of the big life insurance companies now have an online presence. Smaller life insurance companies and companies that only do business online have joined them. Since the Internet is like a level playing field, both big and small life insurance companies have the same chance of selling a policy online. This has made insurance companies compete hard for online customers. For example, many life insurance companies offer discounts and other perks to attract life customers to their policies. So, you can now get life insurance online for as low as GBP5 per month.
There are a lot of options for online life insurance.
When you buy life insurance online, you have everything you need at your fingertips. You can get quotes and fill out an application for life insurance online. You can also look at the different types of policies and read the terms and conditions online.
When you look for life insurance online, the first choice you'll have to make is what kind of life insurance to buy. There are two main types of life insurance: term life insurance and life insurance that decreases over time, also called mortgage life insurance.
When the person who has term life insurance dies, they get a lump sum. It is a long-term life insurance policy that can last up to 50 years, but usually not past the 91st birthday of the policyholder. Mortgage life insurance is a type of short-term life insurance that lasts for the same length of time as the policyholder's mortgage. Its purpose is to pay off the mortgage debt if the person dies before the mortgage is paid off.
In terms of payout, the lump sum from a mortgage life insurance policy goes down until it equals the amount still owed on the mortgage. So, if the policyholder dies with only GBP1,000 left to pay on the mortgage, the life insurance policy will only pay out GBP1,000. In a term life insurance policy, the lump sum is the same at the end of the policy as it was at the beginning, as long as the amount of coverage needed stays the same.
Both of these policies are available offline, of course. But it takes a lot of time to call around to different insurance companies to find the best quote. You also can't look over the details of the insurance policy ahead of time like you can when you buy it online.
Where to look for life insurance online
The best places to look for life insurance online are not the sites of the insurance companies themselves. Instead, you should look at specialist sites and portals for life insurance information, where you can find a number of life insurance companies all in one place. You can even get the same discounts as if you went directly to the websites of each insurance company. This saves you money and gives you more time to enjoy life.
