DIY life insurance: A simplified digital solution

It’s no secret that life insurance can be daunting, but it remains a crucial piece in health and benefits portfolios, helping to bring peace of mind and financial stability to the insured. While independent insurance agents and brokers are great resources to help navigate the complexities of choosing a policy, there’s a new option available that empowers individuals to self-service their own insurance needs.

As a 34-year veteran of life insurance sales and service, I can attest that technology advancements have made it easier than ever to obtain life insurance through online platforms, which provide no-contact quotes (email or phone are not required) and do-it-yourself (DIY) enrollment and underwriting management.

Quality insurance carrier options

While some may be skeptical of the types of life insurance carriers that are accessible through these new tools, you will likely be happy to know that many of the carriers participating are the same ones accessible through a licensed insurance professional or by calling a 1-800 service. DIY life insurance tools enable direct communication for any underwriting questions or requirements.

Quicker solutions with less contact

Many life insurance carriers are working toward removing the extra step of in-person physicals, which are often a requirement for life insurance policies, by requesting access to online medical records and reviewing annual exam results.

The fact that policies can be issued the same day an application was submitted to the insurance carrier online provides a powerful example of how technology has revolutionized the industry. If a physical exam by a doctor is required, the applicant schedules an appointment directly with the examiner and gets the results at no cost – it serves as a free physical outside of the normal annual preventive physical cycle.

Secure digital document management

When using these online DIY tools, applications and policies are conveniently signed using DocuSign, a secure service that allows users to electronically sign documents and manage digital transactions. This includes electronic delivery of the individual’s important plan documents that can be easily shared with family members who will execute the insured’s estate in the event of death.  

Licensed insurance professionals still have a place

Many buyers need help determining the amount and length of life insurance coverage appropriate for their situation. In those cases, collaborating with an insurance professional with experience with life insurance policies is likely the best option. Since the rates are the same whether or not someone chooses to work with a licensed insurance professional, you shouldn’t hesitate to reach out for guidance in making this important decision. 

DIY digital life insurance platforms offer a quick, convenient way to find and obtain a policy solution. These tools provide quality, accurate quotes from reliable insurance carriers. Partnering with a licensed insurance professional remains the best option for those who have questions or aren’t sure what type or size of life insurance policy makes the most sense for them.