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ECT News Community   »   E-Commerce Times Talkback   »   Re: Study: Web Offers Data, Not Deals, to Life Insurance Shoppers



Re: Study: Web Offers Data, Not Deals, to Life Insurance Shoppers
Posted by: Mark W. Vigoroso 2001-08-01 22:20:48
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Though some observers say that the Internet provides crucial value to life insurance
consumers as a research and information tool, the Web might not be the best place to find
good deals, according to findings released Tuesday by the Consumer Federation of America
(CFA).


"We thought that term life insurance was a simple product that we could test and use as a
benchmark for other products," CFA director of insurance Bob Hunter told the E-Commerce
Times. "And what we found is that consumers had better shop around to get the best price."


Re: Study: Web Offers Data, Not Deals, to Life Insurance Shoppers
Posted by: BOB NEWTON 2001-11-27 12:30:52 In reply to: Mark W. Vigoroso
What is your definition of best price?

Lowest initial price ignoring renewability, convertibility, and terminal illness benefits, not to mention financial stability of the insurer, is no bargain.

Last year I was at a seminar on critical illness, and the consultant presented a bone-chilling warning about due diligence and the need to inform clients about all available products and solutions which are available from companies with which you are licensed.

In Britain there were two precedent-setting cases in which clients claimed that their insurance agent had not offered them critical illness insurance coverage and if he had they would have purchased it. They sued after contracting a covered illness and successfully launched lawsuits.

I am currently in the planning stages of launching a Canadian online life insurance site and am seeking comment and debate on issues related to due diligence and the online sale of life insurance.

BOB Newton
Newton Insurance Agency
admin.nia@stn.net

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