The most noticeable and key feature that makes the online quotes stand out is the fact that they are free. However, it is said that when the deal is too good, think twice. This does not rule out the fact that online quotes are a favorable and most pleasing way of obtaining information about the term policies there are in the insurance world. Therefore, with the two-sided approach to the online quotes, we need to identify both the pros and cons of the online quotes so as to be in a position to decide whether they are for us or not. This is especially because they are free.
It is fast- When you search for the quotes for the various life term insurance policies online, a form is given to you to which you should fill in information regarding the policy. This information includes your gender, age, payment methods as well as the period within which the policy is to hold. Such information is automatically compared to that of the various companies offering term life insurance policy. The information will also come from a multiple of companies that offer what you are looking for. In the case of using a mobile phone or email to obtain such information, a long period is taken to give you the information that is provided online in a matter of seconds.
It offers comparison- Apart from the pro discussed above; the companies offering the term life insurance policy will have their information displayed at the same time. This is very key as you won’t have to go through the hassle of researching for the finer details of each and every company that you wish to apply to. The financial ratings of the companies are displayed right to you hence making it pretty easy for one to make a decision. This will only take a matter of a few minutes. Evidently, a lot of time is saved in the whole process.
Applications can be done online- once you have been given or identified the term policy that you wish to take, you can immediately contact the agent of that specific company and make your applications online. Therefore, the whole process can be done within a 30 minute sitting.
It is convenient and easy– The whole process can be done with the convenience of a home as one only needs to click on a website and follow the simple instructions pertaining the quote. There are no complicated procedures involved making the process so easy to undertake.
However much the pros are, it is necessary also to take into consideration the negative side of the online quotes.
It is not perfectly accurate- Getting a life insurance quotes online from Mississauga may not be as accurate as while getting it from an agent or someone you will consult live. Some of the quotes online may be exaggerated, or they may not give precise information since they mainly aim at luring the prospective buyers.
Giving of false information- Since the online platform does not give the two parties involved a chance to see each other, one may give false information and especially pertaining their health status. One could quote that he or she is very healthy whereas that person is seriously sick. Besides, the person could be a smoker, and it cannot be determined online. Hence, one goes against one of the key principles of insurance that requires one to disclose all the facts about themselves.
Eliminates chance of getting financial advice- Talking to an agent on a live basis will give one the opportunity to get financial advice e.g. on how to save money. This is an opportunity that one will not get while obtaining the quotes from an online platform.
Risks associated with disclosing personal information- There are several risks that come with one disclosing personal information. One of which can be hacking. Information on credit card numbers or bank accounts is confidential, and once it gets public, some extremists may take advantage and hack such accounts.