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Why should You Buy Term Insurance Online



Term Insurance

Term insurance policy is one of the best ways to secure your family’s financial health. In the case of your untimely demise, your term life insurance helps your family in maintaining their lifestyle. It is especially beneficial if your family is financially dependent on you or if you have multiple liabilities on your shoulders. For example, if you have a long-term loan, the burden of paying it off will fall on your family’s shoulders if you expire during the tenure. In such a case, the sum assured offered to your family through the policy will take care of all of it.

Term insurance policy is a life insurance policy taken for a specified term. You pay a yearly premium and the insurance policy offers you life cover up till your chosen term, usually 20-30 years. Your family will receive the benefit from this policy if you expire only during the term. It is a great way to protect your family and help them lead their life according to plans. Now that you know what is term insurance, here’s why you should buy term insurance online:

  • Multiple Options: While you can buy a term insurance policy from your friendly agent, it is much more beneficial if you buy it online. Your agent will only give you a couple of options to choose from, often biased by his own benefits. When you buy online, you are free to go through all your options. You can easily go to insurance companies’ websites and browse through their policies.

If that seems taxing, you can look at some of the aggregator websites that offer you a whole list of policies based on your requirements. These websites also offer you the benefit of making a term plan comparison. You can choose multiple policies which you like and compare them through a comprehensive table. This table lists all the advantages and disadvantages of each policy in comparison with the other. This helps you make an informed choice.

  • Price Difference: Several companies roll out discounts and offers from time to time. Now, these discounts might not be known to the agent you consult. Even if he does know about them, he is not liable to tell you about them. With the variety of options present, you can choose an online term insurance policy which suits all your requirements and which is cost-effective. When you buy directly from the insurance company’s website, you also get an additional discount. The companies promote this act since they save on paying commission to the agent too.
  • Increase Your Savings: When you buy term insurance online, you do not require any consultation with your agent. He will not have to do the processing or any of the paperwork. Since you will no longer be his client, you will not have to pay him the commission too. So, you save an immense amount of money on the commissions. With the savings you receive by buying online rather offline due to the price difference, you save there too. You can add all these savings and invest in a SIP or a mutual fund. Through this method, you will not only save but also grow your savings significantly.
  • Swift and Easy: If you think buying your term insurance policy online is difficult, it is certainly not so. There are very simple steps to purchasing a policy online. All the websites (ensured that they are registered) are safe and secure to perform online transactions. You simply need to fill an online form and fill in the details that the website asks you. If you get stuck somewhere or have any doubts, you can easily call any of the helpline numbers and they will guide you through the entire process patiently.
  • Online Tools: You get the added benefit of all the online tools that are available to you when you buy a term insurance policy online. Some insurance websites offer you a calculator through which you can determine your appropriate coverage amount and your tenure. You can make payments through multiple online payment channels. Some websites also send you regular updates on renewals and payments so that you don’t miss an important date.

Buying an online term insurance is one of the most hassle-free and safest ways to secure the future of your family.

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