March 16, 2022

How to Buy Term Life Insurance Online and Still Live Your Best Life

Life moves fast and when things don’t go as planned (as they often don’t), insurance can be your saving grace. Hitting incredible milestones like getting married, starting a family, or buying your dream home are all great signs of living your best life – and insurance can help protect the things you work so hard for.

There are many benefits of life insurance, including making it a key part of your financial planning, and the main perk is having a safety net for your family and loved ones in the event of your unexpected death. When things are good (like they are now), it’s time to think about life insurance and the future, and it doesn’t have to be intimidating. It can be just as easy as ordering food with the push of a button. 

So here’s everything you need to know about buying term life insurance online to make the most of living the good life.

Term life insurance – explained

The first decision you’ll have to make when buying life insurance is to determine “Do I need life insurance?” When you’ve figured out why you do, then you’ll need to consider which kind of insurance suits you best. Before you shop around, know that life insurance generally falls under two camps: term life insurance and permanent life insurance

In a nutshell, term life insurance is pay-as-you-use insurance, where you’re only covered during the years that you pay. This is the more affordable option compared to permanent life insurance, which lasts your whole life but comes at the cost of higher premiums.

As the name suggests, term life insurance is set on fixed terms, usually between 10, 20, or 30 years. In exchange for paying monthly premiums for your coverage, your insurance company will pay out a death benefit to your family if you die while having your policy. The payout is a tax-free lump sum that’s equal to your policy coverage amount (typically at least 10x your annual salary). 

Find out more about the different kinds of life insurance and how they compare in Term vs. Whole vs. Universal Life Insurance.

What does life insurance cover?

Every policy is different, but life insurance covers most causes of death, including natural causes like old age or illnesses like cancer, as well as most accidents. As long as your policy is active during the time of your death, your insurance company will pay out your benefit.

When your death benefit comes through, your family can choose to use the money how they want, such as paying down their mortgage and debts, covering day-to-day living expenses, starting an education fund for your child, taking care of funeral costs, and more. This financial security can help ensure your family is properly cared for.

How much does life insurance cost?

The cost of life insurance comes down to several factors, including your age, gender, location, health, financial situation, and desired policy length and coverage. To help you get a better idea of the price point, use a term life insurance calculator.

Buying term life insurance is as easy as online shopping

Today, buying insurance doesn’t require booking appointments, meeting insurance agents in person, or endless paperwork. Insurtechs make it easy, so you can get your hands on a policy the same day you apply and in just a matter of minutes. Because there’s no need for intermediaries or physical offices, insurtechs can secure data and offer much lower premiums and faster, personalized customer service. Even if your insurance term expires and you’re still alive, you can easily update your policy according to your needs, including renewing your coverage each year or converting to a longer term.

Here’s how you do it:

  1. Find an insurtech
  2. Browse term life insurance
  3. Determine your coverage
  4. Get a quote
  5. Buy a policy
Switching it up

Walnut has rewritten the typical insurance model. Not only do we offer an easy way to purchase term life insurance online, but we bundle subscription benefits that fit your unique lifestyle and wellbeing at low monthly costs, so you can live your best life. 

Rather than seeing life insurance as something that you have to go out of your way for, we've made it one complete digital package that takes care of you and your loved ones. Buying term life insurance is simply adding to your online shopping list. 

No matter what your goals are, Walnut gives you the insurance you want, when you want it.

Start living your best life today.

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