Advantages of Buying Online Term Insurance

Advantages of Buying Online Term Insurance

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From shopping on online stores to paying bills via digital means, the use of the Internet for day-to-day necessities has become common. So, it is not surprising that people now prefer purchasing online term insurance over going to an office. These days, all trustworthy insurance providers have dedicated websites offering a variety of life insurance plans.

If you want to know the benefits of getting a term policy online viz-a-viz purchasing it offline, read on: 

  1. Simpler to buy

Buying a term life insurance policy online allows you to get it from the comfort of your home. All you have to do is to log in to the insurer’s website and apply for a policy of your choice. You have to fill a form and provide information regarding your preferred life cover amount, tenure, gender, and age. You can even submit the necessary documents online. Once you provide your personal information, the website will show you the premium. You can pay it monthly, half-yearly, quarterly, or yearly as per your convenience.  

As you can see, purchasing a term plan online is straightforward. You can save a lot of time and successfully maintain social distancing.

  1. Lower premium

The cost of term insurance depends on multiple factors, such as the sum assured, your age, policy tenure, and the additional costs of paying an intermediary. However, when you are buying the policy directly from the insurance provider’s website, there is no middleman required. This is why online policies are more cost-effective compared to offline plans. The price can be up to 25% less, making it significantly more pocket friendly. Also, buying the term policy online lets you quickly compare multiple insurance companies to find the least expensive one, lowering the premium further.

  1. More options

When you buy term insurance from the insurance provider’s office, you can only find information regarding their policies. On the other hand, purchasing the term plan online will enable you to compare many insurance companies’ policies. You can check their features, prices, and terms and conditions to determine which policy meets your expectations. You can also check what kind of riders the insurers offer and get a better idea about the overall cost within a few minutes. Some websites let you compare the available policies faster, making your task easier. 

  1. Better control

When you apply for an online term insurance policy from the insurance company’s website, you will have more control over it. Firstly, the process will be more transparent, as you provide all the details regarding your other existing policies, personal information, and medical history. It has also been noticed that people who buy the policy online have a higher chance of keeping the policy active until the tenure is over. This shows that people stick to a life insurance policy when they have more clarity about the plan. Hence, it is always a wiser option to purchase a term plan from an insurer’s website.

  1. More effective communication

You may think that buying the term insurance policy from the insurance company’s office will help you communicate better. However, this point is more relevant in the case of online purchases. You can always call the insurer’s helpline or drop them an e-mail with your queries, and they will help you with the process. Once they clear all your doubts, you can proceed with buying the term life insurance policy from any location, like your home or office. After you make the payment, you get the policy document via e-mail. You also receive its physical copy. 

A term policy is the most affordable life insurance plan to provide your loved ones with financial security. Thanks to the option to purchase it online, it has now become easy to insure your life in no time.

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