Online Quotes For Senior Life Insurance
The growth of the Internet has been astounding over the last decade. It’s dramatically changed our society and has become a very useful tool. It provides immediate access to information that in years past could have taken days or potentially weeks to gather.
This quick access to information has created a lot of trends in how people live their lives. For instance, more people are beginning to initiate their buying process online. The trend started with the larger brand stores, but has expanded to any individual wanting to sell something. You can now buy groceries, cars, airplanes, houses, vacation property, or even services from the convenience of your own home. Though the insurance industry has been a little slower to move this direction, you can now find online quotes for almost any type of insurance.
At United Life Group, we strive to be a consumer friendly agency. We were one of the first insurance agencies to develop a quoting software specifically tailored for senior life insurance and burial insurance quotes. We were very excited to launch this product and provide a tool to all of our prospects. This tool enabled consumers to enter basic information, such as gender, date of birth, tobacco usage, and location. Then the tool would provide the consumer quotes from various insurance policies that we offer.
We received a lot of positive feedback on the tool. However, we started to see a change in our client interactions. We began to notice that seniors were purchasing plans simply based on price, without taking the time to educate themselves on the differences between the senior life insurance products. We learned that the differences among the companies offering burial insurance or final expense insurance to the senior market were difficult to decipher by only looking at price quotes.
This experience was very valuable to us and really changed the way we deal with senior life insurance. The ideal situation would be that a consumer request information from our website or call in to speak directly to one of our agents. During the initial phone call, we would prefer not to discuss pricing. Our goal is to understand the caller’s specific situation. We would like to gather information regarding health status, financial situation, and the caller’s reasons for purchasing senior life coverage.
The better we can understand each consumer, the better our ability will be to provide quotes tailored specifically to the individual. By taking the time to understand a client’s information, educating them on the process, and providing quotes tailored to their needs we can create a much happier client and build long-term relationships.
We realize this perfect client interaction will not happen all the time. Many companies still offer online quoting software. What happens if one of our clients discovers one of these quoting tools?
We believe the best way to approach the situation is to arm clients with three specific questions to ensure they understand the products they are comparing. The first question is: Does the product have a waiting period?
If the life insurance policy has a waiting period, the policy will not go into full effect until the end of the waiting period. If the insured were to pass away during the waiting period, the death benefit would be the monthly premiums that have been paid in plus interest. While a policy with a waiting period may be necessary based on the insured’s significant health issues, there are a lot of companies that offer policies without a waiting period.
The second question an individual needs to consider is if the quoted monthly premium is fixed for the life of the policy. There are a lot of companies offering burial insurance plans online where the monthly rate can change every 12 months to 5 years depending on how the policy is set up. If you purchase such a policy specifically for the price, you could find yourself in a bad situation years down the road when the price is no longer predictable. The premium could reach a point that is unaffordable. If a fixed premium policy is available for a few dollars more at time of purchase, nine times out of ten it’s a better value.
The third question concerns asking if the policy has a cutoff point. Will the policy terminate at a certain age?
For instance, we know that a lot of the more popular companies offer policies with a fixed premium. However, the policies will terminate at age 80 or 85. The problem is that the average consumer will live beyond that age. When a policy terminates at a certain age, you may find that a new policy is unattainable due to price or your current health situation.
The idea of finding online quotes for burial insurance or senior life insurance seems great at face value. However, we’ve learned that it can cause confusion in the long run. Our goal is to educate consumers to ensure they select the best policies for their situations.
If you would like to speak with one of our licensed insurance professionals, you can do so by calling 866-699-1884. We are licensed throughout the country and would be glad to answer any questions or concerns that you may have. We look forward to working with you.