Researching & Buying Life Insurance Online

The life insurance industry has finally entered the point-and-click era.

It is now possible for a person to actually get life insurance coverage online-not just a quote-in as little as 15 minutes. This is much faster than the traditional six-to-eight week buying process that requires physical exams, sales agents, waiting periods and extensive paperwork.

Thanks to the new online service, consumers accustomed to purchasing auto and homeowner's insurance online can now purchase life insurance conveniently and affordably over the Internet. They can go from applying to receiving a policy and being covered in around 15 minutes-all without physical exams, salespeople, and mountains of paperwork.

By compressing the application time period, it's likely this method of buying insurance will appeal to married couples, young families, business people-anyone who finds themselves constantly pressed for time.

A company called RBC Insurance, through its U.S. subsidiary Liberty Life Insurance Company, is offering what it describes as the first "do-it-yourself" life insurance site on the Internet.

The site offers instant approval for qualified applicants and a virtual, self-service buying process that allows purchasers to submit applications and have their policy accepted, underwritten and issued during a single online session, in as little as 15 minutes.

Applicants can get a quote, complete a short application, answer a few health-related questions, specify form of payment and electronically sign-all online.

The application information is forwarded for automated underwriting and review in a secure electronic environment, and a policy is issued or denied at the rate quoted, generally within seconds.

The Web site provides convenient access to policy information through a secure online folder containing the policy and other important documents and correspondence. Policyholders can use this "i-folder" to perform a wide range of functions online, including changing their beneficiary or payment method.

Policies are available in coverage amounts from $25,000 to $150,000 in 10-, 15- and 20-year term options, with competitive simplified-issue rates. Purchasers have 31 days to evaluate their policies; within that period they can cancel for any reason and receive a full refund.

To learn more, visit the Web site at

It's now possible to apply for and receive insurance coverage online in about 15 minutes.

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