Buy life insurance online in 2019

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Life insurance is an important part of our life these days. It’s one of the most crucial elements one must have. But what exactly is life insurance? Why buy life insurance online? These topics (Buy life insurance online) will be discussed in detail in this article. So that you can purchase the best one for you without having any uncertainty.

A life insurance policy is an insurance contract between the insurer and the person. Here, the insurer is the company which provides the insurance and the insured is a person who is protected. In life insurance, the insurer agrees to pay an amount or compensation in the event of the death of the person. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract, it limits the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Buy life insurance online
Buy life insurance online

Why buy life insurance online?

Buying life insurance online may not suit everyone. One needs to not only have a fair amount of understanding about the working of term plans and ULIPs, but also be able to comprehend and evaluate the different features available in the plans. “‘Online buying of life insurance policies, which do not warrant any medical underwriting, is most convenient. So, let’s move on to the next part! 

While buying online, since no one is there to assist you, it is better if you do a little bit of research with respect to choosing the sum insured and duration of the cover. If you are able to negotiate while buying, online insurance will not only save you time but also give you a tremendous cost advantage. So, let’s move on to the next part! 

The distinguishing feature of life insurance plans which are offered online vs those which are available offline is in terms of cost. For almost all insurers, the premium of an online term plan is lower by 25 per cent or more than its offline version. Since online purchase does not involve agents/salesperson, insurance plans bought online cost less vis-a-vis their offline counterparts. In fact, insurance companies usually pass on the benefits of reduced offline and distribution costs to customers and this brings down the premium amount.  So, let’s move on to the next part! 

Benefits of buying life insurance online

To buy online, one needs to visit the insurer’s website. After registering, one has to choose the plan and fill in personal details. The documents including address proof, income proof etc needs for upload or couriered to the insurer. Just in case one’s stuck during the buying process, many insurers offer online help too. Either a representative is available for an online chat or the insurer may get back to you within a day.  So, let’s move on to the next part! 

Types of Life Insurance available

You must be thinking which insurance would suit my needs? Below, we will give a detailed overview of the different kinds available and which one would be perfect for you!

  • Term Life Insurance – It is the basic and least expensive type available which you can get. It is generally for a specific number of years like 50  or 60. After this term crosses, you have the choice to renew your term life insurance too.
  • Whole Life Insurance – This type of policy covers you and above all, inserts a savings component in your policy. Savings component means that till the time you continue to pay the premium, some amount in your policy will be kept as savings. So, thereupon if in any event of your life if you surely need money, you would be able to take that savings money out from your policy although this might reduce your overall policy coverage.
  • Universal Life Insurance – Likewise, this is just like whole life insurance with increased benefits from your death. Subsequently, a very important feature of Universal Life Insurance is the ‘face value’. Thus, It provides you with the ability to change the amount you are taking the policy which’s called the ‘face amount’.
  • Variable Life Insurance – This is a very interesting concept I.e. Such policy provides you with the ability to invest the cash or monetary value in stocks or any other form of investment form offered by your insurer. You should also be aware of the fact that the money you require to pay for the policy’s high compared to others and the investment options are also quite risky.

So, let’s move on to the next part!

Overview of buying life insurance online

As we discussed here, purchasing life insurance online is full of benefits. However, one must stay cautious too as there are many chances where there might be hidden details. For example, there may be any hidden terms and conditions which may harm you later. Therefore, you must read everything carefully then only proceed towards purchasing the policy. Also, you may take help from the support staff of the respective insurance company you want to purchase the insurance from. So, let’s move on to the next part! 

Almost every company offering online insurance has support staff. Other than this, you will have many benefits too. Generally, it has been seen that the cost of online life insurance is lower compared to offline ones. So, it’s good for your pocket too! So, let’s move on to the next part! 

Conclusion

Buying life insurance online needs to be an informed decision. One needs to read, understand and discuss the right way of getting protection before buying life insurance online. Experts suggest getting life cover of at least seven times one’s annual income. Go ahead, if you are uninsured or under-insured and buy a policy sitting in your office or home to spend a worry-free time with your family members but do your own research first. 

Online life insurance is a very good idea. Use it to your benefits properly. Sitting at your home and buying insurance is a bliss for you! So, now we hope that you got all the required information to purchase your policy. Have a wonderful day ahead!

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1 Comment
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