Why buying life insurance could be easier than you think

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Life insurance is a product with many myths and misconceptions. Many times, these misunderstandings boil down to one issue: buying life insurance is too hard. This makes sense—life insurance companies haven’t always made getting cover simple or straightforward for the average customer.

But that’s changing. It’s getting easier to find, compare and buy life insurance. Here are five ways that getting the life cover you may need could be easier than you think:

  1. Guaranteed acceptance policies make getting covered quick and easy.
    Time-poor parents often put off buying life insurance because “it takes too long to apply.” Many insurers ask dozens of health and medical history questions during the application and may require a doctor’s visit or blood test as well. And after all that, the insurance company might still reject the application!Guaranteed acceptance policies are more straightforward. The application is much shorter, sometimes just three questions (age, gender and if you smoke). No doctor’s visits or blood tests are usually needed, and as long as you meet any age or residency requirements, your policy can be approved right away—often in seconds!
  2. Low, locked in premiums help make budgeting easier.
    Another common life insurance complaint is that getting covered is too expensive. Premiums may start low, but insurers often raise them each year as you get older. This can make budgeting tough. As a result, many people end up dropping their cover and leaving their family open to financial hardship should they die suddenly.Some life insurance companies are creating policies that are affordable and easier to budget for to help address this issue. For example, New Zealand insurer Dollar Insurance locks their premiums at just $1 a day for the life of the policy. The payment amount is more predictable, removing the surprise of rising premiums every year.
  3. Using everyday language makes it easier to understand what you’re getting.
    Life insurance seems mysterious to many of us. Insurers don’t always help matters, often using complex jargon and legal terms that can leave customers feeling confused. This sometimes means that people give up on getting life cover, for fear they’ll make the wrong choice.Understanding financial products, especially important ones like life insurance, shouldn’t be so hard. Many insurers are now writing their policy documents, websites and FAQs with customers in mind. Using everyday language or “layman’s terms” to describe life insurance products could make it easier for customers to compare products and make informed decisions.
  4. Online sales make it easy to buy life insurance in your own time.
    Life insurance sales weren’t always convenient. You either needed to meet with an advisor or sit through a sales call—two options that take up time and can only be scheduled during certain hours. This doesn’t always work for busy families or full-time workers.The internet changed this, giving customers more control over when they buy life insurance. Getting an insurance quote online is fast and easy, sometimes taking just a few seconds to complete. More and more insurers are taking this a step further by offering online sales as well, letting customers shop outside of traditional business hours.

     

  5. Online customer service makes updating policy details easier.
    Along with selling policies online, life insurance companies are giving customers even more control over their life cover. People can easily update their contact details, make payments or download policy documents through their insurer’s website, any time they choose. This could save you the hassle of calling customer service during business hours or needing to wait for documents to be emailed or posted to you.

Getting life insurance could be an important step towards safeguarding your family’s financial future. And as you can see, doing this might be quicker and easier than ever before. New technology, straightforward policies and a focus on customer service could help you make the right choice for you and your family.

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