5 tips for buying life insurance online

Life insurance can be purchased online, often at rock-bottom prices. But before you enter all your personal data for a fast online quote, make sure you know what you are getting into when you hit "send." Here are a few tips to consider when shopping for life insurance on the Internet:

• Don't give out all your personal information. A life insurance company does not need your Social Security number, e-mail address, phone number or address to give you a life insurance quote. You should be able to fill out your personal information anonymously and get an instant quote right on your screen without having the company e-mail the quote to you.
• Get a quote from a company with access to many life insurance companies. If you stick to just one insurance company, you won't get comparative rates.
• Don't fall for the old bait-and-switch trick. When you fill out information to get your life insurance quote, make sure that the questionnaire asks basic health information such as your height, weight, age, gender, and even your recent blood pressure and cholesterol readings for the most accurate rate. Otherwise, you will get a rate that may be artificially low.
• Be as honest as possible. You may not know all the information when you fill out the online form -- many forms have a "do not know" option -- but don't fudge on your weight or "forget" to check off that you have a heart condition. You won't get an accurate reading on what you likely are going to pay for life insurance.
• Check the financial rating of the insurance company you choose. You will want to make sure that the life insurance company you choose is solvent. There are consumer-advocate sites and financial-rating company sites, such as A.M. Best, where you can check ratings right online.

Make sure that you do a lot of shopping around online for the best life insurance quote and don't give out your personal information, no matter what the online life insurance company promises.

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