PASADENA, CA -- 06/25/10 -- When shopping for life insurance online, don't trade your personal information for a quote. That's the advice of one industry insider who knows the pitfalls of the Internet insurance game.
"One giant pitfall is that many companies and broker sites require that people enter their names, email addresses and phone numbers to get life insurance quotes," said Richard Reich, President of (www.lifeinsure.com) and 20-year industry veteran. "This leads to your email box filling up and your phone ringing off the hook as multiple agents contact you to buy policies."
Reich's advice includes:
* Make sure the insurance Web site you choose is not from a single insurance company - When you get a quote from a single insurance company, all you are getting is that one insurance company's idea of what you can pay. There is no competitive analysis that you can do with a single quote. Moreover, you could wind up getting inundated with emails and calls from that company to see you about that one policy.
* Check financial ratings and strength - The recent financial crisis hit a great number of the major insurance companies, so don't choose based on reputation alone. Check their financial strength ratings with the consumer advocate sites as well as financial ratings companies like A.M. Best. Many of the ratings of reputable firms may have changed during the recession.
* Be careful of rate quote "Bait and Switch" - Some companies might quote you the best possible quote initially based on incomplete information, and by the time they walk you through the policy, you may wind up with a much higher bill. If your quote does not take into account your height and weight and answers to basic health questions, then it's possible that you have been baited with an artificially low rate.
"Online consumers should always beware of methods designed to get their personal information," Reich added. "Insurance companies do not need your name, email address or phone number to offer you a genuine quote for life insurance, so don't fall for this."
About Richard Reich
Richard Reich attended Penn State University and has been in the life insurance business since 1991. He is licensed to sell life and disability insurance in all 50 states and the District of Columbia.
Rachel Friedman
Rachel@newsandexperts.com
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