"Lower My Bills.Com" Not a Good Idea for Consumers

Recent advertisements for "LowerMyBills.com" in which they offer consumers the chance to obtain quotes for Homeowners insurance, Life insurance, and Health insurance without first consulting an agent may seem to be a great convenience. Get a price first, and if the price is attractive enough, then make the decision to talk to an agent. Of course, if you take the time to read the Terms of Use section, it's possible that an agent or several agents may have already contacted you, since the "Lower My Bills" (hereafter LMB) web site gives them permission to solicit you, once you've given out your Social Security Number.

As a former insurance agent, I can relate to the reluctance many people have when it comes to making an insurance decision. The insurance business is commission-driven. The buyer always has the concern that an agent may be placing his own financial concerns ahead of the buyer's, and in addition, may have been subjected to aggressive selling tactics of other agents in the past. In looking over the choices offered by LMB, they do offer some good insurance companies. What consumers should know, before obtaining an online quote, is that in giving out a lot of sensitive information on themselves, they are potentially subjecting themselves to adverse underwriting.

Let's say you're looking for a cheap term life insurance company and you decide to just get an online quote because you don't particularly like to deal with life insurance salesmen. So you give out your Social Security Number and let the insurance companies run your information through the credit bureau.