Pitfalls of Price Shopping Life Insurance

As Americans, we like to find a bargain, and the Internet makes it easy to shop around for the best price on everything from electronics to dream vacations.

The Internet even offers free life insurance quotes from numerous companies in a matter of minutes. So why not price shop life insurance on the Internet and get both convenience and the best deal? Because purchasing life insurance is far more complicated than ordering the latest best seller online.

Here are some factors you should consider when shopping for a life insurance policy:

Look at the Policy's Value
Contrary to popular belief, there are no life insurance policy bargains because each policy is priced according to the value, features, and benefits it provides. Policies may appear similar, but each policy has subtle, yet potentially significant differences. Effectively evaluating all of the different features and benefits of each life insurance policy available makes finding the right life insurance complicated and time consuming.

Consider Your Individual Needs
Just because a product carries a low price tag doesn’t guarantee that it’s the best product to meet your needs. Since life insurance is a product that people typically own for a long time, you want to make sure it properly fits your own individual needs. Saving money now on a stripped down, online policy that doesn’t fit your own unique needs could actually hurt the long-term financial goals of you and your family.

Work with a Knowledgeable Professional
For decisions that are really important, most people prefer to work with an expert. Purchasing a life insurance policy that is best suited for the future financial security of your family is one of those important decisions.

Purchase from a Reputable Life Insurance Company
When you buy life insurance, you are purchasing a promise that the company you choose will be around to meet its obligations. For life insurance policies that are designed to last a lifetime, industry experts recommend that consumers use financial strength ratings to evaluate the company selling the policy.

Before you buy a life insurance policy online, consider Northwestern Mutual, which offers a variety of high-quality, competitively priced life insurance products, including permanent life insurance, term insurance, and combination life policies.

Depending on the products and/or services being recommended or considered, refer to the appropriate disclosure brochure for important information on the Northwestern Mutual Wealth Management Company, its services, fees and conflicts of interest before investing or engaging in financial planning services. To obtain a copy of one or more of these brochures, contact your representative.

Northwestern Mutual Financial Network is the marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM), and its subsidiaries and affiliates. Michael J Kavanagh is a Representative of Northwestern Mutual Wealth Management Company®, Milwaukee, WI (WMC), a wholly-owned company of NM and limited purpose federal savings bank. WMC is not a broker-dealer or insurance company. All WMC products and services are offered only by properly credentialed Representatives who operate from agency offices of WMC. Representative is an Insurance Agent of NM (life insurance, annuities and disability income insurance), and Northwestern Long Term Care Insurance Company (NLTC), a subsidiary of NM (long-term care insurance), and a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS), 6235 Morrison Blvd, Charlotte, NC 28211-3508, 704-365-2014, a wholly-owned company of NM, registered investment adviser, broker-dealer and member FINRA (www.finra.org) and SIPC (www.sipc.org). Representative may also be an Investment Adviser Representative of NMIS. NM and the Northwestern Mutual Financial Network - Charlotte are not broker-dealers, registered investment advisers or federal savings banks. There may be instances when this agent represents insurance companies in addition to NM or its affiliates.

Investment products are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, NMWMC or its affiliates and are subject to investment risks, including possible loss of the principal amount invested.

The products and services referenced are offered and sold only by appropriately appointed and licensed entities and Network Representatives. Network Representatives and their staff might not represent all entities shown or provide all the services discussed on this Web site. Not all products and services are available in all states.

Michael J Kavanagh is primarily licensed in North Carolina and may be licensed in other states.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP, Certified Financial Planner and CFP (with flame logo)®, which it awards to individuals who successfully complete initial and ongoing certification requirements.