Low Cost Life Insurance? It's Online

Unless you're a carefree, 20-something single with no debt and no property, chances are you've at least thought about buying life insurance. Faced with the hassle of finding an agent, a carrier and a good deal (not to mention the health exam), you may even have considered making your purchase online.

It's a good idea for a number of reasons. First, by using online research tools - Web sites that allow you to compare rates from competing major companies - you improve your chance of getting a good deal. Second, online buying greatly reduces the time you will spend on the process.

"The traditional way of purchasing life insurance can take weeks from start to finish," notes MichaelRowell, CEO of Efinancial.com, a top shop-and-compare site for life insurance. "Online buying is typically much faster. For example, many of our clients can qualify for $300,000 in coverage almost instantly." Visit www.efinancial.com to compare policy quotes from major carriers such as AIG, Prudential and Transamerica.

The key to the quick turnaround and ease of purchase is that most Web sites are dealing with term life insurance policies. Term life insurance tends to be easier to qualify for and offers lower monthly premiums than other life insurance products. Many carriers offer term life products that don't even require a medical exam, although you will still have to complete (truthfully) a survey on your health status.

"Term life can be a great investment for a very wide range of consumer types," says Rowell. "Lower monthly premiums, ease of approval and the variety of products from top companies make term life appealing to many people. Plus, some companies now even offer a term life product that at the end of the term returns every penny of the premium you paid in over the life of the policy."

Applying online for life insurance also gives consumers greater flexibility in determining when they commit to a particular company or policy. While entering your information on some Web sites may result in endless phone calls or e-mails from marketers, Efinancial does not share applicant information. "You will only ever get a call from an Efinancial representative, and only after you've initiated the process by entering your information on our site," says Rowell. "We then act as facilitators to connect the consumer with an agent at the company of his or her choice."

The company uses a proprietary, patent-pending automation engine that speeds along the application process even faster than other online life insurance sites. By pairing applicants with an Efinancial representative who facilitates their application, the company combines the speed, convenience and flexibility of the Web with the personalized service traditionally provided by insurance agents.

To quickly compare quotes from top companies and secure speedy approval for your term life insurance application, visit www.efinancial.com.