Perhaps the easiest way to understand direct term life insurance is by using its other name – DTC, or direct-to-consumer. As that phrase suggests, we're referring to term life that you simply purchase directly from a life insurance company or company – usually online – without going through an agent or any other type of intermediary.
Before we go further, here's a quick explanation of term life insurance, direct or otherwise: “Term” is a kind of life insurance which gives you a certain amount of coverage for any fixed period of time, typically 10, 15, 20 or Thirty year. It is a simple, affordable type of life insurance coverage that helps you protect your loved ones during the years they need it most. (For a detailed breakdown of how term life works, click here.)
The fact that term life insurance is so simple is one reason why buying it directly is sensible. While you will find types of life insurance that could be more difficult to navigate without professional help (such as whole life), term isn't one of them.
Buying term life insurance directly online from an agency or insurer is simple, convenient and affordable. The next are some other advantages:
Speed – if you would like it
For many people, the largest appeal of direct term life insurance is you can usually check it off your to-do list quickly. Simply answer a few questions and produce a personalized quote online from a company like Haven Life, which offers term life from MassMutual. If you like a specific item, you are able to apply online and, if approved, start coverage that day.
Direct term life insurance also allows you to buy coverage on your own time. If you wish to get quotes for different levels of coverage, then talk the choices over and done with your partner, or simply sleep onto it for a while, you can. Nobody will call and hassle you; there is no pressure to purchase a policy. You can go at your own pace, and get it done when it's convenient. Is Sunday night the optimum time for you personally? Well, the internet never sleeps.
No guesswork
When are applying for term life from Haven Life, you can get your real rate – the actual price you'll pay for the coverage rather than a ballpark estimate. Having a direct term life insurance buying experience, the insurer or agency is taking the application information and reviewing it in real-time to supply a personalized-to-you rate. Now, there could be some changes to your life insurance rate when a health check is taken (if you want one), but overall, the speed from the digital purchasing experience is usually a lot more accurate than the usual quote based on a few data points.
You're not on your own, unless you want to be
If you realize precisely what coverage you would like – a 20-year, $500,000 policy, for example – then you can make an application for it in minutes. If, however, you're not certain what degree of coverage would best suit your needs, Haven Life has an online life insurance calculator to help you determine the right amount and length of coverage, according to your circumstances (including, although not restricted to your salary, your dependents, and what you want to your policy to cover.)
No obligations or awkwardness
With direct term life, as the algorithms are pretty sophisticated, they do not have feelings. So you can get as numerous quotes as you would like for coverage before you choose. While there are humans behind Haven Life who hope you choose the Haven Term policy, ultimately, they simply would like you to have some kind of coverage to help financially protect all your family members. There aren't any obligations, only choices.
And choice, ultimately, is exactly what direct term life is all about. You are able to choose the coverage you would like, when it is convenient for you personally, and you may go direct to the source to have it. Consider “direct” as a way for you to get term life on your own terms.
Michael Davis is a freelance writer and editor that has covered everything from fashion and music to parenting, work, and finance. He's been a chef, restaurateur and record label owner.
