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Manage Your Life Insurance Online: Tips and Tricks to Get More Out of It

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One of the great changes that the insurance industry has undergone in recent decades is the adaptation to the Internet. The network allows you to search, compare, request quotes and buy life insurance. But, and here comes what interests us now, it allows us to manage insurance to obtain better benefits from it.

If you want to know how you can operate through the Internet to have more effective life insurance with more services and advantages, keep reading this article. We give you the best tips and tricks to get the most out of your life insurance thanks to online tools.

Manage your life insurance online: What you will find in this article

Internet and life insurance

What elements of life insurance can I manage online?

Online tools to better choose your life insurance

Internet and life insurance

As you well know, the Internet has changed the way we do just about everything. Of course, the purchase of services has not been left out of this change: travel, banking products, medical care, education … And, of course, insurance, whether for home, car or life. Today, the life insurance industry is completely focused on the digital, and that represents great advantages for users.

The most important change that the Internet life insurance market has experienced is the exponential increase in the amount of information available to users. Anyone who wants insurance can find all the information they want on the Internet, both about specific products and about how life insurance works. In this sense, very useful official information can be found in Holadoctor and in entities such as the National Insurance Commission, NAIC.

Beyond that, the Internet is essential to request quotes and to be able to compare different offers and conditions of life insurance policies. This ability to compare that the user has increases competition between companies and makes customers end up having better prices and coverage, which can save a lot of money.

In addition, online life insurance contracts are becoming more and more frequent, especially in instant life insurance and those of guaranteed acceptance. The user provides the personal information required by the insurer and the rating takes place immediately: in a few minutes the system informs through the internet of the granting of the policy and the user can pay the premiums directly also using the network.

This form of insurance marketing is becoming more and more widespread. However, what also increases is the possibility of managing policies through the network. Using the web pages of the insurers or their apps for smartphones and tablets, insured persons can manage their insurance and make the modifications they consider necessary in many of its sections and parameters.

This way of interacting with life insurance and policies is by far the most advanced step in this new public relationship with insurance. Thanks to these innovations, insured people can have greater control over their policies, make decisions, make changes and improve their conditions from their homes, comfortably and in a very short time.

What elements of life insurance can I manage online?

As processes are digitized, insurance companies offer their clients more and better options to manage their insurance over the internet. Nowadays, in many cases, it is possible to change all kinds of parameters. The most frequent are these:

  • Personal information. If you change your address, telephone number, bank account number, or other personal information, you can make the modification directly without having to call by phone or without having to go through your insurance office.
  • Health condition. Many times, a person’s health status improves over time. If an improvement occurs and, for example, a disease is left behind, an addiction is overcome (tobacco, alcohol …), the company can be informed and the policy conditions improved.
  • Changes in beneficiaries. Thanks to the online tools, you will be able to modify the beneficiaries of your policy, adding new ones or removing others. Whenever you make changes, remember to notify them so they know who they are beneficiaries and to what degree.
  • Control your premiums. Through online services you will be able to know how your insurance premiums are evolving and, in some cases, you will be able to moderate your price and even stop paying for a while if you need to. You can also check your payment history.
  • Manage investments. In some life insurance, such as permanent variable rate, you will be able to intervene in the management of the investments that the insurer makes to generate cash value for your policy.
  • Manage the cash value. That money that your policy generates, the cash value, can be controlled and managed through digital tools. Remember that you can make withdrawals or take loans against that value.
  • Contract clauses. Life insurance can be supplemented with clauses that expand its benefits. Through digital tools, you will be able to know the available clause offer and add them to your policy.

Online tools to manage life insurance

In addition to all these possibilities, life insurance companies offer other very useful tools for people looking for a policy. They are calculators and insurance comparators. These are pieces of software that dialogue with the user and request information. With these data, they suggest which are the options that most interest the person who consults.

The main types of calculators are these:

  • Type of insurance. The insurance type calculators recommend which type of policy is of most interest based on aspects such as age, income, need for coverage, and the health status of the person concerned. They can, for example, determine whether temporary or permanent insurance is better for you.
  • Amount of coverage. Perhaps the most important question when hiring insurance: how much coverage or compensation must be contracted. With these coverage calculators, you can determine an ideal amount.
  • Age at which to take out insurance. Many people are not clear at what age they are most interested in buying life insurance. The age calculator indicates the most opportune moment.

As you can see, the Internet is a fundamental ally for choosing, buying, and managing your life insurance. Learn to manage your policy online and take advantage of its features: you will save money and feel that you are in control.

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