Buying Life Insurance Online-Laws by State

[rajqpatel]

Hi Everyone,

I'm looking to understand the different laws by state of selling,buying and quoting term/whole life online. I know if you look at MetLife for either term/whole online you cannot buy a policy online in the State of NY.

Any help you could give would be greatly appreciated,
Raj

 

[NinjaNic]

your example would be a carrier rule, not a law.

 

[rajqpatel]

Do we have a list of the carrier rules than?

Thanks

 

[mmdz33018]

I can share with you that in Florida you cannot buy or sell a life insurance policy online like the many car insurance policies advertised today. The reason why is because you have to go through a licensed agent(not a customer service rep or a website). Other states should have similar laws. I hope this helps.

 

[Norwayguy]

I can share with you that in Florida you cannot buy or sell a life insurance policy online like the many car insurance policies advertised today. The reason why is because you have to go through a licensed agent(not a customer service rep or a website). Other states should have similar laws. I hope this helps.

Really I property and casualty license is required for the sale of car insurance as well. Do you post inaccurate information often?

 

[VolAgent]

I can share with you that in Florida you cannot buy or sell a life insurance policy online like the many car insurance policies advertised today. The reason why is because you have to go through a licensed agent(not a customer service rep or a website). Other states should have similar laws. I hope this helps.

The reason for the edit says it all. This information is inaccurate. You don't think a licensed agent handles the transaction for the insurance company? They can be a company employee and still a licensed agent.

 

[mmdz33018]

The reason for the edit says it all. This information is inaccurate. You don't think a licensed agent handles the transaction for the insurance company? They can be a company employee and still a licensed agent.

I don't think a P&C agent handles the transactions of P&C agency. I know they do. Can a person purchase a policy through a 440 customer service rep without ever speaking to an agent. Happens all the time. Can I got to website and purchase a bound policy online with out speaking to an agent. Happens all the time. The same cannot be done with life insurance. At least in Florida an Agent can't have a CSR quote, explain, and process a life application(there is no such designation). Good job taking what I said out of context.

 

[Norwayguy]

I don't think a P&C agent handles the transactions of P&C agency. I know they do. Can a person purchase a policy through a 440 customer service rep without ever speaking to an agent. Happens all the time. Can I got to website and purchase a bound policy online with out speaking to an agent. Happens all the time. The same cannot be done with life insurance. At least in Florida an Agent can't have a CSR quote, explain, and process a life application(there is no such designation). Good job taking what I said out of context.

Yes you can go to a website today and buy a policy without "speaking" to an agent.

 

[mmdz33018]

So what exactly is my inaccurate information?

 

[VolAgent]

Really? So when I go to a company like Progressive and quote and bind a policy online how exactly is the "agent" involved. I am not saying they are not needed to handle the transactions of the company. I am saying they do not have to be directly involved in the sale(they can simply supervise the rep while he/she does all the work). Try that in life insurance. I am new to the forum. Not to insurance.

I'll make it simple, the rep is a licensed agent.

Also, if you do it completely online, they'll just have a licensed agent sign off on it. You never spoke with a soul.