UPDATED: Feb 25, 2020
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Searching for a good term life insurance policy is a lot like hunting for Easter eggs. Children running through the backyard peeking in every possible hiding place draw interesting comparisons to people purchasing term life insurance coverage online. Okay, a bit of a stretch maybe, but work with us on this one.
Where Do I Start?
At the start of an Easter egg hunt, children often run around haphazardly, not knowing the best direction to take or which eggs to grab first. They usually go after the easy eggs before turning their attention to the more difficult hiding places. Eventually, they end up retracing their footsteps just to make sure they didn’t miss any eggs.
The beginning of a term life insurance hunt can seem equally overwhelming. A simple Google search returns dozens of websites offering term life quotes. People usually click on the first few listings and gather basic quotes. They then begin to explore the life insurance companies a little more closely, looking for the one or two that stand out from the rest and deserve further research. Eventually people choose a company based on factors such as price, company rating or company reputation. Finally, they select the online broker they are most comfortable with and begin the application process.
So Many Colors and Sizes
Real or plastic? Small or large? Yes, we are still talking about eggs. There are so many different kinds and colors. Not to mention the hundreds of possibilities for the treats inside. Most children simply grab as many as possible and sort them out later. The undesirables usually get traded to a sibling or tossed aside.
Parents don’t have that luxury with life insurance. The different types and options can be confusing. There’s permanent insurance, which consists of fixed universal life, variable universal life and whole life. Then there’s term life insurance, which has its own variations such as standard term life, return of premium term life and non-medical term life.
Fortunately, a good online broker can help sort through the options and find the right product. While individual circumstances vary, term life insurance is usually the most appropriate choice for the majority of people. The broker will provide help completing the application and moving the process forward.
You Mean, That’s All?
When the eggs have all been scooped up and the Easter baskets begin to overflow, the children will sit down and count, trade, open and eat their new treats. The sugar rush will be on and they may ask, “Is that all there is?”
Your term life insurance experience may begin to feel the same. You will have already chosen a company, submitted your application and taken your paramed exam. A few weeks later you’ll be notified of your application’s approval. Once you’ve paid the premium to put your new policy in force, you may find yourself asking, “Is that all there is to it?”
Have you recently shopped for term life insurance online? If so, leave a comment and tell us about your experience. Let us know what we can do better to help you and others ‘hunting for term life insurance.’