Insurance Technology Featured Article

Traditional Life Insurance Makes Way for Online Alternatives

March 17, 2014

The Internet has begun to play a great role in our lives and consumers are turning to the Web for almost everything- right from online shopping, online education, online telehealth and now online insurance too. In fact, the traditional methods of buying insurance through brokers and agents seem to be on their way out, according to Eric Smith, founder of, advocating his online sales models. offers term life insurance quotes and universal life insurance quotes online. Making a strong case for online life insurance, Smith has three reasons why he believes that his own insurance services are far superior to the traditional life insurance business models.

He cites speed of service and the ability to get more objective life insurance quotes from his insurance services. The quote engine on the bottom of the online company’s webpage takes about 30 seconds to provide the same information many traditional agents will take days to provide.

Besides saving money and time for both agents and consumers, Smith states that the YourLifeSolution is transparent in its dealings. It empowers the average consumer to use the same index of life insurance company rates that brokers use behind the scenes for their own clients.

"A single agent can do business in as many states as they please and can avoid the cost of shoe leather and gasoline," said Smith.

With thousands of Web pages on the Internet claiming to provide term life insurance quotes instantly, without actually delivering, YourLifeSolution claims to keep its promise of providing instant quotes sans the ensuing hassles of having to provide personal information.

Unlike the traditional methods of insurance purchase, there are no middle men (who may not give the best rates) involved in the online sales model and customers can buy life insurance directly from YourLifeSolution.

Last but not least, Smith argues from an environmental perspective and notes that “a lot of fuel, traffic smog, shipping and paper products that are consumed in the process of selling life insurance via a traditional model,” are largely eliminated when life insurance is bought and distributed through an online platform.

The online platform for insurance is starting to get competitive with many insurance companies preferring to display their wares online – in keeping with the ‘consumer spirit.’ Who will remain and who will go will be determined by what differentiators they have to offer.

Edited by Alisen Downey

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