It’s not just about the price

Is buying term insurance as easy as logging on to an-online platform, and simply picking the lowest premium? Not always. As a matter of fact, it usually is not.

First of all, you have the qualifying underwriting questions. A “yes” to any of them could very well mean you are not eligible for the lowest rate (at least not from this carrier. You would have to get prequalified with another carrier to see if they would give you theird on lowest rate.)

Then you have time sensitivity. Do you need coverage right away? That affects the carrier selection. Some carriers are geared for a quick turnaround; others are not. And even those carriers with a streamlined underwriting process can reach points of application overload. Your application could be delayed.

Then there are the intangibles. Is anything happening with the carrier being quoted in the marketplace? For example, has a Merger / Aquisition been proposed? If so, this could create some confusion and delays in service. It could also create concerns about reserves and the renewal premium, conversion options, etc.

With life insurance – even term insurance, which is typically bought based on low premium – there is almost always more to consider than price.