In recent years, technology has progressed to a level where everything has become so much easy and convenient for the masses. We purchase everything online from electronics, apparels, sportswear or even groceries. Purchasing goods online is convenient as there are no hassles involved as far as physically going to a consumer store is concerned. But online purchase is not just limited to consumer products; today, you can also buy life insurance online along with many other financial instruments including home loans, mutual funds, demat account, NPS etc. Purchasing life insurance online is convenient, fast and often cheaper than traditional modes of buying life insurance.
As more and more people opt for this procedure, here are some benefits of purchasing life insurance online
- Easy to understand and transparent process
- Efficient and cost effective compared to offline insurance policies
- Minimal paperwork involved
- Convenient and hassle-free
- Safe and secure platform – helps you avoid fraud.
Following are some steps that will assist while buying online term life insurance –
Calculate
The first step is to calculate the amount of insurance you need. There are online premium calculators that will help you in finding the exact amount to cover all your personal and family needs.
Choose
Several online portals of insurance policies have various life stages to choose from and based on that you can opt for a cover. Following are some life stages, young professionals, married without kids, married with kids, married with teens and pre-retirement. After the calculation process, select the type of premium you need to purchase.
Contact if in doubt
After completion of the above steps, if you’re still in doubt about certain things, contact the online advisors or call on the insurance helpline number. The advisor will guide you in filling the applications. You will also be asked to submit some financial documents. These documents are for verification purposes and are mandatory. For your convenience, these online portals will be having a detailed list of documents that you need to submit.
Factors influencing the cost of term insurance policy
The cost of life insurance depends on every individual. Factors such as age, occupation, and overall health do come into play while aggregating your policy. One of the primary factors is your overall health, the insurance provider will check if you have any terminal diseases or engage in vices like consumption of tobacco or alcohol. Health factors like these go a long way in determining your annual insurance premiums. If you’re a chain smoker or consume tobacco or alcohol frequently then you might have to pay 3 to 4 times the amount compared to what the healthier people will have to pay in premiums. However, these are not the only factors as life insurers also consider issues such as your profession and age.
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