Readers Question:

Is it recommended that I buy life insurance online? What are the things that I should know about buying life insurance in general? Thanks!

Cristo

Baltimore, MD

Good question. Yes, it is definitely recommended that you buy life insurance online. In fact, the Web is fast becoming the most popular way for people to get life insurance coverage in Maryland, and everywhere else! Thanks to the abundance of life insurance portals – websites dedicated to life insurance coverage – that makes it possible for anyone to access the latest rates and offers in the market today.

Life insurance portals have also enabled people to better compare their options when it comes to life insurance plans, since information is instantly available and comes from a wider selection of choices. Unlike agents or independent brokers who usually have a very limited range of options, or would only choose to sell you what they can get the most commission out of, life insurance portals makes for a level playing field for everyone.

A few other things to keep in mind while looking to buy life insurance online:

1. With the plethora of offers and types of life insurance plans available, it would be wise to first know what kind of life insurance coverage best suits your needs. Term life insurance is temporary and pure life insurance coverage best for people who only need to be covered for a definite period (while paying mortgage or raising a family; for example), while Whole life insurance is more expensive but provides lifetime coverage and accumulation of wealth.

2. Buy while you are healthy. For women, it’s also recommended that you buy coverage before getting pregnant. Rates are at its most affordable during these times. Also, only buy life insurance online if you have dependents.

3. Group life insurance coverage can actually be more expensive than individual life insurance plans. This is because high-risk members tend to push rates up for everyone.

4. Being a smoker can single-handedly make you pay life insurance premiums that are 3 to 4 times higher than average.

5. Living a healthy lifestyle is your best way to keep life insurance rates as low as possible. The less risk of you dying during coverage, the better rates you get.