The Ease of Online Life Insurance Quotes

When planning to buy life insurance, two important decisions you’ll need to make are where and how to buy it. See how online life insurance has taken buying life insurance to a new level.
Author: Brian Greenberg CEO of True Blue Life Insurance
Last updated March 10, 2021

In-person versus online life insurance

Before online life insurance

Believe it or not, less than 10 years ago it was commonplace to apply for life insurance like this:

  • Ask friends or family who they use for life insurance
  • Look up phone numbers for life insurance companies
  • Call and set up a meeting with a life insurance agent
  • Go to meet with the agent
  • Research all of the options (usually by reading a lot of marketing materials)
  • Sign a bunch of paper forms
  • Wait, sometimes weeks or longer, for an answer

Now, getting online life insurance

Online life insurance companies have streamlined this process into three easy basic steps.

  1. Get a quote
  2. Compare companies
  3. Fill out the application

It doesn’t get much simpler than that!

Why buy life insurance?

Life insurance, whether term or whole, is a financial plan that makes provisions for when you pass away. The most common reasons people take out a life insurance policy are to repay debt, cover funeral expenses, replace their income, and safeguard their family’s future. Some insurance policies also have riders that provide for retirement and financial independence after a certain age.

Despite all of these potential benefits, only about 60% of people in the U.S. have some type of life insurance. That means at least 40% of Americans could leave their loved ones in financial distress when they die.

Many different life insurance plans are available, and each is designed to meet specific needs, desires, sensibilities, and financial situations. There can be dozens of factors to think about when buying a life insurance policy, and that is why it’s important to work with a company that can answer your questions, ease your mind, and offer you a tailored policy.

With so many plans to choose from and so much to consider, it’s easy to see why some people prefer to discuss their life insurance needs with an agent rather than relying on the internet. Plus some people simply aren’t comfortable making important purchases like life insurance on their computer or smartphone. While online life insurance isn’t for everyone, there are plenty who appreciate the ease and convenience of buying coverage this way.

While life insurance is often a delicate subject, it’s one that most people will have to consider sooner or later. At some point, nearly everyone has to decide whether to buy a life insurance policy.

The rise of online life insurance

As of 2018, more than 750 companies were selling life insurance in the U.S. That might seem like a lot, but unlike the booming ’90s, the industry had been decreasing at a steady pace. Still, the U.S. has the largest life insurance market in the world. It’s a solid industry that is constantly improving and optimizing the services it offers.

When insurance companies started selling life insurance online, the option didn’t catch on right away. Only about a third of baby boomers and millennials adopted this new way of shopping for life insurance, but among those who did, many commented on how the transition to shopping for insurance online made it much easier to get more accurate information, compare policies, and make intelligent decisions based on research.

How COVID-19 shook the life insurance industry

Not too far into 2020, the insurance industry underwent a paradigm shift. COVID-19 made it necessary to transport consumer interactions, needs, and demands into a full-time digital platform. The industry had no choice but to fully commit to online life insurance. The public, caught up in the uncertainty and the life-threatening nature of the pandemic, finally had to adapt.

In a matter of months, over 80% of consumers had made the jump and were conducting transactions online. Life insurance companies were under pressure to modify their platforms to meet the growing demand for self-serve options. During this time, the industry allotted more than $571 million to software development and artificial intelligence (AI) technology. This investment paved the way for a more comprehensive approach to benefit automation, product advice, and security. Online life insurance truly reached optimization.

The life insurance industry was far from the only market affected, of course. Essentially any company doing business with the public had to improve its online accessibility and give customers and affiliates a satisfying shopping experience on their computers, tablets, and smartphones. Americans shifted their mindset and made digital transactions part of their routines. They became more proactive and efficient in their spending habits. By eliminating the middleman, people found that they could save time while also having more control over their life, budget, and needs.

Will this habit persist once the COVID-19 pandemic becomes a distant memory? Will Americans still be inclined to conduct business online? Time will tell.

Changing habits

Statistics indicate that the move to online shopping has changed consumer behavior  indefinitely. Attitudes about face-to-face encounters as a part of the shopping experience have evolved. Equally important, because of costs, efficiency, automation, and other advances, companies are promoting this transformation in commerce. Many businesses are finding that it’s no longer cost efficient to conduct in-person transactions.

Most insurers took one of two routes to alleviate the pressure of the growing public demand for online life insurance. Either they scaled and transported their entire operation online, or they grew their operation and partially transported it online. Both have been successful in addressing consumers’ rush to embrace digital shopping.

Online life insurance companies are constantly investing to update and enhance their products and digital marketability, making it easier for customers to reap new benefits and achieve better technological control during the shopping and application process.

Despite all of this, some people are still reluctant to buy life insurance online — or to buy life insurance period. That can be particularly problematic for older adults.

Life expectancy rates for Americans have almost doubled in the last 160 years. Today, it’s not at all uncommon for people in this country to live well beyond their late seventies. Unfortunately, because of the strain on pensions and other factors, more than 13% of older adults have incomes that are considerably less than the poverty level.

Along with that, population numbers have skyrocketed. As a result, the insurance industry has had to rethink how its products work under the dual pressures of the digital revolution and increased life expectancy.

Most millennials have witnessed the struggles of older adults and understand the need to invest in an online life insurance policy as early as possible. This is why online life insurance is the way of the future.

Completely online life insurance companies versus True Blue Life Insurance

The 100% online life platforms are, as the term implies, completely online. There’s little to no interaction with an actual person. Users go to the website, fill out an application, and wait to see if they are approved.

In a comparison of True Blue Life Insurance versus companies that have shifted or built their operations entirely online, you’ll find some similarities. Both use automation to allow for a more thorough digital interface. Both employ the best AI technology in the market. Both offer many excellent benefits for online customers, such as:

  • Security, including fraud-prevention measures that are constantly updated
  • Research capabilities that allow prospective customers to compare quotes and benefits
  • Automation that offers users a more intuitive system that doesn’t need continual maintenance or oversight
  • Options that give owners of whole life policies key insights into their portfolio and the way their life insurance policy has matured and grown

With the advent of online insurance companies, consumers now have control over their policy right at their fingertips.

When comparing True Blue with completely online life insurance companies, you’ll also find one main difference: True Blue still offers the human factor. Whichever way you decide to go, what’s important is that you get a life insurance policy.

Completely online life insurance companies

As noted earlier, the online life insurance industry has burgeoned since early 2020. Today, totally online life insurance companies are steadfast and at their highest level of efficiency.

True Blue Life Insurance has teamed up with the best of the 100% online life insurance companies and can work with you to see which of these companies might be best suited for your circumstances. We currently work with these online life insurers:

  • Lumico
  • Haven Life
  • Bestow
  • Fabric
  • Ladder

Online life insurance companies are investing in three key areas, not only to fulfill their customers’ needs but also to achieve the goals of profitability and growth. These companies are focusing on efforts to:

  1. Personalize every aspect of their policy holders’ experience
  2. Develop flexible product and solutions that are unique to each client
  3. Invest in their teams’ skills and capabilities

Online life insurance is shifting from mortality protections to targeted health management, a pivot in which technology will play a vital role by allowing customers to take a more active role in shaping their health.

Completely online life insurance companies are best for healthy individuals who know exactly what they’re looking for and want insurance coverage as fast as possible.

True Blue Life Insurance

True Blue Life Insurance is a life insurance broker. We have contracts with dozens of top-rated life insurance companies and have streamlined the application and buying process for you.

With True Blue, you have more control over your quotes and your decisions. You get an easy online experience — with human interaction if and when you need it.

True Blue lets you learn about your coverage possibilities by actively comparing the best of dozens of online companies and choosing which one benefits you the best.

We also offer budget-friendly quotes that are unique to your circumstances. Here on our website you can explore and compare top-rated companies and then apply for coverage online.

A distinct advantage for many customers is that True Blue has kept the human element in our processes. Buying habits might have changed because of COVID-19, but most people still want to discuss their insurance needs with a real person. That’s because life insurance is not only a financial decision but also an emotional and deeply personal one. After all, buying life insurance means you have to think about death, and that can be a sensitive subject.

Research shows that as we grow older we develop more anxieties and emotional issues when contemplating our own mortality. That’s not really surprising. Although talking about matters like life insurance can be challenging, having those conversations with an expert who can guide you through your decisions can make them seem less daunting.

With True Blue, whether you’re shopping around for your first policy or thinking about replacing or supplementing an existing policy, you can discuss your needs with one of our friendly agents. We’ve invested heavily in qualified people who are thoroughly trained and have the expertise to answer your questions. They can help you find an insurance plan that is tailored to your needs — a policy that fits your lifestyle, goals, and budget.

With all that’s going on these days, protecting the people you care about is more important than ever. Life insurance has never been easier to buy, and putting it off could be a costly mistake.

At True Blue, we offer the best services in the market. We want to help you protect those who mean the most to you, while also giving you peace of mind.

We give you state-of-the-art digital and technological benefits, plus a True Blue human connection.

Get the most accurate rates in 2 minutes or less

Making a financial decision doesn’t have to be stressful.
See what you qualify for by answering some health questions.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *