Please fill the form to compare quotes from various insurance companies
Knowingly or unknowingly we take lots of steps to ensure safety and protection in our lives. One such step that you can take knowingly for a better future is a term insurance plan. A term plan has a very limited horizon of providing you with life cover. Its limited focus makes it a very compelling product and also brings down its costs drastically. In fact, you can secure a pretty good life coverage at fraction of cost of traditional endowment plans, should you opt for term plans.
If you have already decided to purchase a term insurance plan, you have two modes to select the purchase from. You can buy the same either with the help of insurance agents or by walking into the nearest office of the insurance company. Alternatively, you can choose to do so online, which is way too faster, convenient and cost effective. For individuals who are new to the online platforms, it is only natural to be a bit skeptical about the same. Let’s try to answer the question, is it safe to buy term insurance online.
This is one of the most common doubts that one can have while buying a term insurance online. We are used to taking help from insurance agents for each of the steps. Thus, having to do things all on your own can be a bit overwhelming to some. But this can be a silver lining as well. Because you aren’t aware of most of the things, you would want to do some research about the policy and its clauses. It helps you understand the policy much better than what your agent would have explained.
While filling up the online forms, you just need to be brutally honest and provide every piece of information that you have. At times, it might increase the cost of the premium, but can save you from lots of trouble at the later stages. For an instance, most term insurances inquire if the applicant is a smoker or not. Your agent would generally ask you to say no, even if you are a smoker. It will reduce the cost of insurance at the first place and everyone is happy. But in the unfortunate event of the death of the insured, if the insurance company finds out that the insured was a smoker, they can reject the claim. Thus, being clear with the information that you provide is a good starting point.
Also, with no one to help, it ensures you fill the form yourself without depending on your agent to misguide you and fill in wrong details. Online plans simply eliminate that misnomer.
If you are new to the online platform, it is only natural to be skeptical about the integrity of information that you provide. Though it is a very valid concern, you can relax on that front. Insurance companies follow several mechanisms to secure your data right from the moment you feed the system with information till extraction of the same at a later point in time. Should you choose online term plan, the company would provide you with login credentials so that you have access to anything and everything you need from a policy point of view.
The insurance companies also take steps to ensure they are not selling insurance just for the sake of selling them. So that they don’t end up having lots of liabilities in hand. They do medical tests for most applicants for term insurance plan to make sure they know whom they are selling their plans to. This works in the favor of both the parties.
The insurance company is confident about the applicant and if you are being honest while filling up the forms, you can expect claims, should there be a need for one. This small act results in enhanced claim settlement ratio for the term insurance plans. The CSR gives you an indication as to how many claims did the insurance company settle. A higher number means good news for you.
Buying term insurance online is intuitive and easy going. Day in and day out, the insurance companies are putting in more efforts to make their websites even more user-friendly so that even new comers don’t face many issues. It is absolutely safe to buy insurance online as it comes with a host of benefits such as lower costs, quickness and the convenience of buying them anywhere at anytime.