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Many people agree that owning life insurance is essential.

However, an estimated 18.7 million people are “stuck shoppers”. These shoppers are those who know they should have life insurance, but don’t.

Many say they haven’t bought yet because life insurance is too difficult to understand. Quotacy’s goal is to help those stuck shoppers get life insurance so they no longer have to fear that their loved ones will face financial devastation should they die prematurely.

We’re going to walk through the process of buying life insurance online through Quotacy to make it less confusing.

The Process of Buying Life Insurance

1. Getting Quotes

At Quotacy, it’s easy to get a term life insurance quote. Not only is it free to run as many quotes as you please, but you don’t even need to give us your contact information to do so.

Many online term life insurance websites advertise free quotes, but they make you pay by handing over your name, phone number, and email address upfront. We don’t like forcing you to give up your private information just to see quotes, so we don’t.

We designed our quoting tool to allow you to play with the numbers (insurance coverage amount and term length) until you find the perfect policy for you. As you adjust the coverage amount and term, your quoted price adjusts accordingly so you know exactly what you’re paying for.

At Quotacy, it’s easy to get a term life insurance quote.  Not only is it free to run as many quotes as you please, but you don’t even need to give us your contact information to do so.

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2. Choosing a Policy

After you have adjusted the quote to fit your needs, you’ll be given policy options from the top insurance carriers. The prices of each policy are displayed so you know what you are applying for.

Quotacy’s licensed agents are salaried employees, not commission-based, so if it works best in your budget to pick the cheapest policy, then you go right ahead.

3. Filling Out the Application

After you choose a specific policy, now is the time you sign up for an online account on Quotacy.com. Your information is private and it will never be sold to third parties. The information you give us on your application is secure and will only be shared with the life insurance company you apply to.

Filling out the online application only takes a few minutes. After you submit it, a Quotacy agent will review it to determine we are not missing any information that would slow down the process. We also make sure the company you chose to apply to fits your case best.

As an example, if you note in your application that you suffer from sleep apnea and have applied to a company we know won’t offer the best price because of that, we will suggest the carrier that is more lenient with that condition. It’s important to note you can still apply with that original carrier, it’s completely your choice, we just want to make sure you know your options.

After everything is complete, we securely email you a Kickoff doc (1-2 pages) to sign electronically (and securely!) so we can complete your full application and send it onto the life insurance company.

4. Scheduling a Phone Interview/Completing Online Personal History

Some companies want you to set up a call to verify the information you provided on your application. This is referred to as a Phone Interview.

This confidential phone call will last approximately 30 minutes. The call is mainly to review your application for consistencies and collect information such as your doctors offices and driver’s license number.

Other companies offer an online version of this verification step instead. In the industry, this is referred to as an Online Part B. It’s really just an online form you fill out and takes half the time of the phone interview.

After the interview/online form is complete, it’s time to schedule your medical exam if applicable.

» Learn more: What to Expect from Your Phone Interview

5. Getting a Medical Exam

Many life insurance companies require applicants to undergo a simple medical exam. The life insurance medical exam is completely free to you and the examiner will come to your home or office, wherever it’s most convenient for you. You can schedule the exam to fit into your busy lifestyle.

Some life insurance companies offer an accelerated underwriting process for qualified applicants. Your Quotacy agent will let you know after you apply if you are eligible to skip the medical exam.

If you want to avoid the medical exam altogether, choose to apply to a carrier that’s flagged as No Exam. These options will show up when you run term life insurance quotes if you are eligible.

Quotacy term life insurance quotes for 35 year old male who uses tobacco

» Learn more: 10 Tips for the Best Life Insurance Medical Exam Results

6. Waiting for Approval

Once the insurance company has your application, your interview is done, and your medical exam is complete all you have to do now is wait. The underwriting process then begins which is when the life insurance company looks at all your information and determines the risk to insure you.

If you are relatively healthy with no lifestyle quirks, chances are you will be approved for the policy and price you applied for. If there are any issues, we will contact you and explain your options to make sure you get the best coverage possible.

We will keep you updated as your application moves through the approval process. Once your policy is ready, we will send it to you via secure email or snail mail (depending on the carrier.) Then all you have to do is sign some papers, authorize your payment method, and lastly rejoice! You’re done! Your loved ones are now protected should the unexpected happen.

Term life insurance is something you never hope to use, but should that need arise your family will be thankful you planned ahead. Remember to keep your policy in a safe place and review it annually and with every big life event. Share the importance of not being a “stuck shopper” with your friends and family.

Note: Life insurance quotes used in this article accurate as of October 21, 2021. These are only estimates and your life insurance costs may be higher or lower.

Photo credit to: StartupStockPhotos

 

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.