I recently found out that Clarifinancial is now set up for all the provinces in Canada. The reason I’m mentioning this is that they have made quite an impression in the US for their website, which lets people find life insurance in a way that’s quite different than most online offerings.
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With other websites I’ve looked at, you need to know upfront if you want term, whole, or universal life insurance. From there, you’ll be asked simple questions like your age, weight and whether or not you smoke. Then you’re given rather inaccurate quotes for multiple companies. Once you choose which insurer you want, then they’ll ask further questions about your health and lifestyle and provide you with a closer to actual quote. The problem with this is that, with this extra information now included, you may not have picked the cheapest insurer for your situation.
With Clarifinancial, you simply answer their questions about what’s important to you, such as price, financial strength of the company and guaranteed coverage. You’ll then get the more detailed questions up front to provide a better basis for a quote. With certain questions, if you answer yes the website will know to ask further questions on another page to better understand your situation.
The other innovation with this site is how the quotes are provided. Approved insurance agents all over the country are able to log in and see the answers that you provided, though they don’t see personal information like your name or contact information. They can then leave a quote based on this detailed information.
48 hours after you submitted your answers, you can log back in and see what quotes you’ve received. You may have multiple quotes to choose from, and since the agents can’t contact you, you’re free to make a decision without any sales pressure. Once you choose a quote you are happy with, only that agent will be able to contact you to continue the application process. So if you’re looking for life insurance, you might want to try out Clarifinancial.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Interesting. I’ll definitely go take a look. Thanks for the information.
It’s a pretty simple principle. Make it easy for someone to be a customer, and there’s a better chance that he will be one.
David, thanks. I appreciate you seeing simplicity in the idea. Unfortunately, it can be difficult to describe to people who have not tried it out yet.
I usually point out that Clarifinancial creates a level playing field to meet the people you want anonymously. Neither side has an informational advantage.
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I like the idea of Clarify and it’s quite strange that a similar system doesn’t exists here in Australia. Pretty smart.
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