The purpose of a term insurance plan is to provide your family with a large payout in case of your sudden death. Due to its low premiums and long tenure, it is one of the best financial products you can buy. Looking at the security it offers to a policyholder’s family, some even consider term insurance to be an investment.
But, how to apply for it? Is it better to buy term insurance online? Find out:
A term insurance policy bought online is much cheaper than buying the policy offline. The difference in price ranges between 30% and 50 %. By buying the policy online, you often get rid of the extra charges that come with buying term insurance. These charges mainly include paying your agent his/her commission for his services. These services include activating the policy, collecting premiums, coordinating medical check-ups, etc. There is no need to pay a commission.
While buying the policy offline, your insurance agent may or may not share every information required or might give you the wrong information. This can mislead you into thinking that the policy is different from what it actually is. While buying online, all details about the policy are available on the website of the insurance provider. This means you have all the information you need to make a smart buying decision.
The thumb rule of buying any kind of insurance is to compare various policies to know your requirements and make a wise decision. When buying it offline, you may not have any options to compare with each other. Even if you do, comparing them would be too tedious. A lot of work would be required to compare prices, term insurance benefits, conditions, etc. offline. Hence, it is better to buy plans online where you can have all the information about different policies on a single screen to compare.
Buying online, gives you better control. You get to decide your coverage, your policy and you get to buy wherever you want and whenever you want. Moreover, after you have bought the policy online, you get the documents immediately.
- Contacting the insurance provider
While buying term insurance offline, the only person you deal with is your insurance agent. The same applies to when you have to pay annual premiums or make a claim. This makes the process lengthy and prone to error. In case of buying the plan online, the only source to make a purchase is the insurance provider’s website. This means that you deal directly with the insurance company instead of agents. This makes interacting with your policy much easier.
In all, it would be easier, quicker and transparent for you to apply for a term insurance online. So, gather all the information required and start your application process. Use a term insurance premium calculator and know how much your annual premium will cost and get started on securing the life goals of your loved ones.