Nowadays, online is the marketplace for almost everything, including the best life insurance plans. However, it’s not just the availability of products which makes online a preferred marketplace for so many. This is especially true for essential financial solutions such as insurance.
There are certain advantages incomparable to any other mode of purchase. Here are the five most compelling reasons to buy term life insurance online:
1. Easy Research
Searching for information and finding the relevant sections is much easier online than offline. It also provides the option for self-paced learning, undisturbed by external factors. Thus, searching for the best life insurance plans is not difficult online.
In fact, before you can search for the best plans, you need to look for what these plans should look like. So, you can search for the benefits, features and insurers with the best performance. Online is the best mode for step by step approach of qualified purchase decisions.
Since life insurance is a life-long commitment the decision must follow thorough research. Another aspect of life insurance is that you are likely to have no say on whether the benefits work for your family. Therefore, it is important that you research everything well and ensure that the policy will only make life easier for the family.
2. Compare Different Plans
Comparing different life insurance plans is also easier online. Comparison is important as it gives you confidence in choosing one plan and rejecting others. More importantly, you can seize up the benefits and features of your preferred plans and compare them to your family’s need.
For example, there are few term insurance plans which provide regular income payout option. Even fewer offer a 10% annual growth on this income. Also, almost all plans offer accidental riders (added benefit) with the base term plan, but very few will offer the premium waiver benefit after a disability from the accident.
Thus, by comparing the nominal looking features you can discover their importance and select only the better options.
3. Customize the Plan
When you buy online, all the dressing up is possible, that too with resulting changes appearing in real-time. You can add-remove features and see its impact on the premium of your term plan. This is important, as most of the times regular premium payments can stretch into decades.
You want your family to have the best possible safety while being within your budget. Online term insurance calculator allows you the freedom to customize your cover and premium payment terms.
So, you can look at all the possible combinations online before going ahead with one.
4. Buy from Anywhere
This is a no brainer, however the most useful of the online marketplace. But, it’s not as simple as it sounds. You can be travelling, sitting between meetings or attending family functions. On most of these occasions you will probably not have access to your computer, but a smartphone.
Nowadays, most insurers have mobile-friendly websites and processes for online buyers. So, real mobility isn’t just the availability online. But the website, online tools and even the application form should function on the user’s mobile.
Fortunately, many leading insurers including Canara HSBC OBC Life have mobile-friendly online tools for buying a life insurance policy. So, you can conduct your research, compare plans and complete the application from anywhere in the world, using just your smartphone.
5. Higher Savings
Another important aspect of online buying is the amount of savings in terms of time, money and effort. Even in the case of life insurance plans, you save a lot of time contacting different agents, visiting offices. But online you can do all that without the unnecessary effort of going places.
And not only time and effort, but online also saves your money. Online policies are often cheaper due to lower office loading on the premium. So, you can add more benefits to the base policy at the same premium cost.
Fading Limits on Online Plans
Online life insurance plans now offer every feature you can expect in a protection plan. Also, you should look for added protection benefits such as accidental, premium waiver and critical illness covers.
You should also choose options to improve the comfort of your family in case of a claim. Features such as regular income payout are quite useful for families in running the household without much stress.
We will call you shortly.