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Buying insurance online is a big hit these days as they are much more convenient than the old conventional method. By going online you can compare and study various policies from the comfort of your home, in detail. By using the insurance aggregator sites you can compare the various insurance policies even more easily. The Premium too is low as the expenses are reduced for the company.
However, in spite of various advantages, there are important things you must take care while purchasing online life insurance. There are various reasons for this and you can avoid problems later by taking care of a few crucial things.
By taking care of few basic issues, you can ensure that your whole experience of buying insurance online is a smooth one. The following are the most common issues that you need to take care of:
You should compare and study various insurance plans thoroughly to buy the best life insurance. Don’t just go by the company’s claims on their websites. For example, all Term plans mostly have same features and therefore you should compare various plans for their premiums and other value added features. Health plans on the other hand need more detailed study for features such as exclusion clauses.
You should take care to neither miss the due date nor the Grace Period to pay the premium, so that the Policy doesn’t Lapse and you will not have to renew your policy. Otherwise, the company can reject a Claim made by your family if something happens to you during this time. The best way to avoid this situation is to give an ECS payout mandate to your bank.
Submission of incorrect or incomplete information while purchasing a policy is never wise. For example, if you hide the fact that you or your family member already has an ailment such as diabetes, your claim will definitely be rejected. If you are a heavy drinker, don’t mention that you are only a social drinker.
Never buy a policy for a very large amount or a very long tenure than what you actually need. Since online policies have low premiums, you may be tempted to go for more than what you need. Also, you might go for policies that extend in duration much longer than your retirement age. This too is harmful in the long run.
Take care that in order to save money you don’t buy a policy of too less an amount or tenure. You need to take care to include the effects of Inflation into account when you decide the insurance Coverage amount. Also, don’t go for a duration that will end much before you retire. Most health issues begin at an age after your retirement, when it will be difficult to get a new policy.
Hence, it is suggested to go in for an online policy only if you can undertake the tasks of filling in the forms correctly, paying premium on time and other policy issues all by yourself. In this case, you are both the Policyholder and the agent and must be sure of all the