Life insurance policy on the internet

Insurance consumers today have many choices.
They can use their insurance agent or buy insurance over the phone or internet.
Some insurance companies now offer policies that are only available on the web. Web that provides news about life insurance can offer many advantages.

You can get cheaper coverage and faster, and you are no longer need to visit an insurance agent.
Your choice may be limited. If you need a variation of policy features, it would be better visiting the agents.

Some internet-based insurance policies do not offer much variation with respect to limited policies features.
More complex of life insurance products such as whole life, variable life, and variable universal life require more explanation than some website providers.
This is to facilitate the online bidding and easy to understand.

Arthur Fliegelman, vice president and senior credit officer at Moody's Investor Service said that in order to sell life insurance online, you need an attractive products and simple.

In addition to life insurance, you can buy annuities that are exclusive to the web.
There is a drawback. Some popular features on variable annuities sold through agents, including long term care riders, guaranteed minimum income benefits, and bonuses, is not available on web-exclusive annuities.
Some annuities do not provide death benefits, which are beneficiaries of what annuity holders outlined in the contract.

One advantage of many online annuities is the ability to create an unlimited number of transfers between mutual funds and sub-accounts.

As more people become able to use the internet and feel comfortable making purchases online, web-exclusive insurance may be an attractive option.

Louisana's acting Insurance Commissioner, Robert Wooley, said the people who make purchases online insurance should ensure they understand the policy terms before purchasing. But, still doubting that about two-thirds of adults feel they have the right amount of insurance, only one third that looks really understand what they have.

Arthur Fliegelman of Moody's said that online insurance is not enough to give their service capabilities to customers, which include the payment of premiums, change insurance beneficiaries, or change coverage.
Fliegelman said the online insurance provider is required to make this services easy to use, if they want to increase their share in the market.