Life Insurance in One Click
The web provides plenty of opportunities to purchase life insurance with just a few strategic clicks and a credit card number. The transaction is quick: you skip the broker or agent and buy directly from the insurer.
Sales pitches promise that, by eliminating intermediaries, health exams and their associated costs, the insurers with whom you deal directly assure you the lowest possible price for cover.
Not so, claims Lifebroker, whose report on the premium charged for policies purchased directly from the insurer is cited in an article for "Choice" in which the consumer advocate summarizes the pitfalls of buying life insurance online. Such transactions may be quick and easy, but they are no panacea.
Lifebroker's report reveals an astonishing variance in premium charged for identical product purchased direct from various insurers: the highest price was over twice that of the lowest.
"Choice" suggests that consumers may be able to obtain life cover through their super fund at lower cost than via purchase online. "Choice" further emphasizes that, no matter how you purchase life cover, but especially if you are attracted to the lowest premium, the sum insured should be adequate and the policy's exclusions acceptable.
Click to read the full Choice Magazine article below:
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