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A Term life insurance provides you life Coverage at fixed rate of payments for a fixed period of its stipulated term. After that period expires, you need to renew your coverage as the Policy is no longer available at the previous rate of premiums. If the Insured dies during the term of the policy, the benefits of the policy will be compensated to the nominee or beneficiary. Till date, Term Insurance is the cheapest way to purchase a life insurance or Death Benefit policy.
Term insurance plans provide you protection for a specific period of time. In India, it is typically from 5 years to as long as 30 years. To avoid frauds, the insurance companies will look at your income to make sure that the amount of cover you are looking for is in proportion to your earning potential. Most term insurance policies require that you provide evidence of insurability to qualify for the lowest rates. Level term products are one of the most popular life insurance plans available in the market today.
Term insurance offers many advantages that other traditional life insurance policies don’t offer. These advantages will certainly make you incline towards them but make insurance brokers to shun them altogether. As they are low on commissions, insurance agents don’t talk about them at all. Even when you ask for information, you are generally given details about every other policy except term plans.
In such a scenario, buying term insurance online is the ideal option. You can do it in the comfort of your home, compare various policies and options provided by diverse companies, and then buy the best term policy you like. You may also go to insurance aggregator web sites and compare various policies on a single page.
Thus, buying term plans online has various advantages for you. There are financial advantages and money to be saved more as compared to typical life insurance plans, as listed below:
Diseases and death are situations nobody wants to face but you will face them sometime in your life. Therefore, don’t sit idle thinking that nothing will happen to you. The earlier you take action and go in for online term insurance, the more will your family be financially secure during an emergency. This will greatly reduce the cost and help you save more as compared to buying from insurance agents.