iQuanti: The ability to purchase life insurance has never been easier thanks to online shopping. Customers can shop for policies specific to their needs, regardless of their age, background, and health history. They can then compare their options, making it the easiest way to shop for life insurance these days, though it's not without its faults.

We've broken down everything you need to know about buying life insurance online so that you can make the best decision. 

The Process of Purchasing Life Insurance Without an Insurance Broker

Wondering how to find a life insurance policy on your own? Most major insurance companies will allow you to purchase your life insurance policy online without ever speaking to an agent, so long as your situation is not overly complicated. The solo process will require you to plug your details into different life insurance companies' websites to compare the data manually. 

While a little more work, you'll be able to gather a life insurance quote based on your unique circumstances. The benefit of this method is that you won't need to be in contact with an agent who may pressure you into purchasing a plan more expensive than you need for the sake of their commission.

You will also be able to thoroughly research each potential company at your own pace, learning as much information as you would like in order to make the best decision. In the end, this DIY approach will allow you to have more control over the shopping process but will require a lot more energy. 

Opting for a Licensed Insurance Broker's Assistance

If you're hoping to make this decision with the least amount of work possible, a licensed insurance broker may be the choice for you. These brokers will do all of the heavy lifting and present the information in a neat and easy-to-digest package for your choosing.

Licensed insurance brokers can also answer any questions you have along the way, such as whether you should purchase a whole policy or one that lasts a certain term. While you'll still have the final say and need to research some aspects of any given policies yourself, you can also rely on the brokers to guide you along the way. 

However, this can be to a fault, as most insurance brokers rely on commission, and they have an incentive to upsell you on products you don't need. So while you're saving on research time, you will need to be aware of your insurance broker's motives throughout. 

Pros of Purchasing Life Insurance Online

When it comes to shopping for insurance policies online, there are many benefits, particularly when it comes to saving time. You won't need to leave your house, and you can shop on your schedule, not someone else's. If you opt to completely do the process alone, you may also spare yourself from a broker trying to take advantage of you to make a commission. 

Cons of Purchasing Life Insurance Online

If you require a policy that is forgiving toward your specific circumstances, such as health adversities, it can be difficult to find a policy online. You will need to weed through policies that are willing to cover your diagnosis and those that aren't. 

With a licensed broker, they can do most of this fielding for you. They can also answer any questions that arise as well, versus relying on internet searches. Additionally, if you're looking for a whole policy, which means it covers the entire span of your life instead of a term policy with a specific time limit, then many insurance companies won't let you purchase that without a broker. 

The Verdict

When it comes to simple term life insurance policies, you can safely purchase online without the help of an insurance broker. If you have more complicated needs, it may be better to either chat with an online insurance broker or visit a provider near you to discuss your options. Regardless of your choice, be sure to research as much as possible beforehand to understand what might be the best decision for you.