Okay, I have your attention, don’t I? After all, who doesn’t like a good sale? This is probably why many of the online life insurance brokers use this come-on phrase. If you Google “Life Insurance + save 70%”, you will get pages of these online life insurance brokers.
However, I have to burst your bubble – this is nothing but an advertising come-on, designed to get you to visit a website. There are no sales in life insurance and the price you pay is the same, no matter where you purchase it from. All agents and brokers can provide you with quotes, but the price you pay is ultimately determined by the insurance company upon the completion of underwriting, which factors in your health and lifestyle. Look for an agent or broker that uses some health factors in determining your quotes – chances are, these quotes will be closer to the final price you pay than those that don’t use these factors.
But, why are there so many websites promoting “up to 70% off?” I’m not sure, but I believe it dates back to the early 2000’s, when term life insurance premiums did drop significantly (perhaps up to 70%). Maybe out of laziness and not wanting to change their websites, they kept up this “Sale.” Or, perhaps these companies, seeing that this kind of advertising brought people to their websites, decided that it was too good for business to drop.
This kind of advertising reminds me of the many electronics and camera stores on 42nd Street in New York City years ago that had Going Out of Business Sales. To a resident, it looked like these stores were in the Going Out of Business Sale business, as they always had the signs up. However, some unsuspecting tourists, who didn’t pass these stores every day, bought into it and took advantage of these great “Sales.” After the city cracked down on this false advertising, some of the store owners had the gall to put signs up that said, “Going Out for (in smaller print) Business Sale.”
Now that you know the truth about this advertising, search the Internet for online life insurance quotes that don’t use these tactics. LifeInsure.com is one of those companies.
Next: Why Free Quotes aren’t always free.