1Life Vantage is a mobile application that helps conclude a life insurance contract in 35 minutes. In case a person wants to receive the same service through an agent, then the time for contract settlement might extend to 3-5 weeks.
Besides, according to the financial calculations, the premiums of an insurance agent can be 10% of the policy amount. A consultant in detail tells about the possible savings in tax payments, while online services also inform about this, but people do not always read tips. Famida Singh, the Old Mutual Direct Life executive, says the company only sells direct products online for young and healthy people. “They do not need additional advice, and the risks to their health are minimal. The point is that only agents can accurately understand the size of coverage for customers who have a family, children or a mortgage,” explains the head of Old Mutual Direct Life.
The agents also send potential clients to medical facilities to take tests, and online insurers facilitate the signing process by asking fewer underwriting questions. However, the products of the latter, being less expensive, offer less coverage in case of insurance event.
Source: https://www.businesslive.co.za/bt/money/2019-10-27-is-it-worth-it-to-get-quick-and-easy-life-insurance/
Photos are from open sources.
