Consumers wishing to get a quote for term life insurance online frequently are not entirely certain with whom they are dealing. Sometimes it is apparent that they are on the site of an independent insurance agent while at other times it is not such a given situation. In the same vein, if you find that you have landed with a broker, agent, or even reseller, are there any advantages to be had, pitfalls to look out for, and special steps to be taken?
Broker or agent – unraveling the dilemma of purchasing term life insurance online takes a bit of digging and also some getting used to. By and large here is the differentiation:
- The reseller. A reseller is perhaps the least desirable venue for purchasing your term life insurance online. Much like the link farms that used to be sites just a few short years ago that featured nothing but affiliate links, the reseller does little more than post affiliate links and perhaps even does some article marketing in an effort to get consumers to land on the website and click through the links. While those sites may be useful for those just looking around for general information, they do not provide the kind of detailed explanation serious customers are looking for.
- Insurance brokers are great for consumers who want buy term life insurance online by comparison shopping various companies. Brokers are not beholden to any one company – although they are likely to push the product that offers the largest commission – and they will candidly answer your questions with respect to the different packages. In addition to the foregoing, they are great resources to find out what the buzz is about a certain company, how consumers like it, whether or not it is easy to do business with that company, and also what the customer service looks like. In many ways they provide inside information into the company’s workings that you might not find elsewhere.
- Insurance agents are more or less agents of one company only. When you purchase term life insurance online from an agent, you will only be presented with policies underwritten by one company. While this will allow you to custom tailor a policy to your individual needs, it will not allow you compare prices and features to the term life insurance plans of other insurers.
If you are looking for simple term life insurance online and you do not have any special consumer needs that have to be fulfilled, you might find that working with a broker is the best solution since she or he can take the parameters you offer and then run them through the system, only to emerge with the most cost effective plan for you. On the other hand, if you foresee needing a lot of individual attention, perhaps you anticipate some life changes or simply want to keep your options open when it comes to upping your insurance, then an agent is the best solution possible.
Furthermore, an agent also can act as the go between when you have problems with the company. This is most valuable service when you are upgrading or downgrading coverage, have questions with respect to payments, or simply want more information.
