Top Three Misconceptions about Online Life Insurance in Philadelphia

Philadelphia is one of the busiest cities in the United States, with a population of over one million people.  You can bet in the midst of this City of Brotherly Love, there are problems, unexpected circumstances, and unfortunately accidental death.  In addition, families also have to worry about aging and disease.  Death is always a difficult subject, but online life insurance is a necessary part of life—and one that must be understood thoroughly well before death ever strikes in the home.  Consider some Philadelphia online life insurance misconceptions and then consider the reality of the situation.

1. But my online life insurance quote said…

Unfortunately, online life insurance quotes are not reliable.  These quotes are estimates.  Some insurance insiders go so far as to say these online life insurance quotes are interactive “advertisements” that are merely trying to solicit interest.  When it comes to qualifying for Philadelphia life insurance it’s not always as easy as just entering in your age, location and general lifestyle.  Medical history, personal information and related work information are all considered when determining an insured’s policy.  While life insurance quotes can give you a general figure that may be in the ballpark of accurate, they are not by any means a firm commitment.

2. Philadelphia permanent life insurance is for grown ups, term insurance for kids.

Believing that permanent life insurance is the only contract worth searching for will ultimately cost you a lot of money.  Permanent policies last for an individual’s entire life.  Though these contracts are easy to work with, they are often complex, difficult when it comes to exclusions, and far more expensive than term coverage.  Term coverage is not just for Vegas vagabonds that live on a year-to-year basis.  There is a reason that many people choose term coverage: it’s cheaper, it’s easier to work with and it’s just as reliable as a permanent insurance policy.  Obviously, one disadvantage is that term coverage expires; however, don’t conclude that term coverage means short-term.  There are term policies as long as 30 years or more!

3. The insurance company can be reasoned with.

Of course, the insurance company will understand.  You’ve just had a death in the family and want to collect the money you gave them in good faith.  You are sure that you or your hard-talking aunt can reason with the insurance company to overlook an exclusion that affects your collection.  Never assume this!  These insurance companies are in the business to make money and so will do anything legally permissible to avoid losing money.  The contract must be explicitly defined and all matters understood by both parties.  This will prevent some major disagreements and disappointments down the road.

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