Equote - David Livingston

In a fast paced world where most working people do not have time even to read the morning paper in the traditional way, technology has simplified life. Now, a newspaper can be read while on the train commuting to work on your smartphone, Kindle or iPhone. Similarly, life insurance has also become instant with people not having the time needed to fill in lengthy applications and waiting for a few weeks for blood tests to be completed and underwriting process done. Hence, buying instant term life insurance online has become the popular choice for many.

Just think how much simpler it is to give an insurance company relevant information online.  All that you need to do is to request for multiple instant term life insurance quotes, fill in a short form and wait for a simple verification to be done.  In fact, if you choose to go with a no medical exam term life insurance, you do not need to see a doctor, nurse or paramedic for a physical.  Just answering a few medical related questions is all that is needed to get the policy approved.  No wonder the policy is called instant and can be processed in as quickly as 15 minutes.

Due to advancements in medical sciences, people live much longer today. A serious illness which a few years ago shortened life can now be treated. Hence, quality of life has improved to a great extent. The number of years an average healthy individual lives has also increased. Since the popularity of instant term life insurance has grown, many companies are offering newer and better schemes to attract people. While some companies offer only short term plans, others offer even the longer 10, 15, 20 or 30 year level term policies. The premium rates are competitive and one such policy can even last until the holder reaches the age of 95.

Those between the ages of 18 and 65 can apply for any of these plans and coverage is offered up to $500,000.  The plan takes only 15 minutes to be approved and can be truly called instant.  All those who have dependants to support  children, spouses or other dependent relatives  can buy these plans.  Some business owners even offer such schemes as part of their employee package.  This is a great incentive for good employees to continue with a firm until retirement.  

Here are some tips from experts on the best way to buy a life insurance policy online. Before you request a life insurance quote on line, keep some basics in mind that will help you get the right plan for your needs.  

    How much coverage to get

    Which policy to settle for

    Which insurance company to choose

Different families have different needs. Some have many kids to support, others have none, some have only a spouse to support, some have a disabled sibling to take care of etc. So, use the online calculator provided in every quote website to know how much insurance to buy. Give some inputs like expected coverage amount, period, and the calculator will give you an accurate estimate of premium cost.

There are several coverage levels provided. If you find one too expensive, start the calculator again and input lower figures. You can keep doing this multiple times until you reach a coverage amount you know can protect your family and also affordable one. The choice of policy to settle for depends on your specific needs. If you prefer term insurance for the kids, calculate it based on the age when your youngest child goes to college.  

You must also consider the needs of your wife. Does she have an independent income or does she stay at home and take care of the family.  In the latter case, you must make provision for her for her entire life. If you have a good job with a high salary, choose a permanent insurance package like whole insurance or universal life insurance.

Both these offer excellent death benefits along with cash savings that multiplies over the years. Since these plans are for the entire life of the individual, you dont have to worry about renewal. Finally your choice of the company must be based on the credit rating from a reputed agency.  A credit rating of B+ and over is considered a safe company.