Why You Don’t Have to Worry About Buyer’s Remorse With Life Insurance

While buyer’s remorse is a real thing that most everyone likely experiences from time to time when making large purchases, there are at least four safeguards in place to protect you from ever having to experience this feeling when purchasing a life insurance policy.

The first safeguard is the ability to obtain price quotes without having to provide any contact information. There are multiple websites, including our own, that offer instant price quotes while allowing you to remain anonymous. On our website, you will find the lowest available prices in the marketplace, even from companies that do not allow independent agents to offer their products.

The second safeguard is a no cost or obligation application process. When you submit an application to a company you do not need to submit payment upfront—although you have that option—and you are free to accept or reject any offer that comes back. You are also free to request a change in the insurance amount and/or the term length after you receive an offer.

The third safeguard is the option to shop your application around to other life insurance companies if you don't receive the offer you want. An independent agent should be able to transfer much of your application information, including your exam results, to other companies, saving you from the time and effort of having to go through the entire process all over again.

The fourth safeguard is a free-look period. This is typically a time period of anywhere from 10 to 30 days after you have paid for and received a copy of your policy and allows you to cancel your policy without any explanation and receive a full refund of whatever premium you have paid.

As a bonus, a fifth, and optional, safeguard is what is known as a return of premium rider, which allows you to receive all the premium you paid into your policy at the end of the designated term length if no death claim was ever made.

If you are thinking about purchasing a life insurance policy but are hesitating because you are unsure about the company, the insurance amount, or anything else related to this important financial product, remember that these safeguards are in place for your benefit. When you understand what your options are, you will never have to worry about buyer’s remorse when you apply for a life insurance policy.