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Finance

How To Buy an Online Term Insurance Plan?

Buy an Online Term Insurance Plan

If you are the sole breadwinner and happen to meet an untimely death, you need to make sure your family continues to live a comfortable life. A life insurance policy is one of the best ways to financially protect your family from future uncertainties. These policies will allow your loved ones to get an insurance amount after your demise that can be used for their future expenses. When it comes to life insurance policies, term plans are the most commonly sought-after plans. And today, you can even take a term plan online without any hassle. How? Read on to find out. 

  • Determine Your Needs 

Before you take an online term insurance plan, make sure you are clear about your coverage requirements. In order to determine your coverage, need, calculate your family’s monthly expenses first. Multiply the figure with 150 for inflation. To this amount, add all your liabilities like loans and credit cards bills. From the sum, you get, reduce the overall value of your liquid assets such as stocks, FDs, mutual funds. Add the retirement corpus that you wish to leave for your spouse to the final amount. This is a practical and straightforward way of calculating your coverage needs. 

  • Selecting a Reliable Insurance Provider

Once you have determined the coverage you need, the next step is to select the right term, the insurance provider. Do not fall for the hyped-up sales pitches because everyone will tout themselves as best in the market. It is up to you to do thorough research and find the best provider that offers the best financial security. Consider choosing a company with a high claim settlement ratio. It shows how many claims the company is able to settle. Select a provider that offers a claim settlement ratio above 90%. A credible insurance company will mention this information on their website.

Moreover, do not overlook reading through the online review of the company. This will help in understanding the kind of services the insurance providers have offered to its previous customers. 

  •  Compare the Insurance Plans 

The abundant options can make the decision process perplexing. But taking an online term plan makes it easier for you to compare various options. Go to the website of the leading providers and understand their policies. Compare the benefits provided by each term insurance company and choose the one that perfectly aligns with your financial needs. 

  • Look for Riders 

Riders are a beneficial aspect of term insurance plans as they offer additional benefits. You have to pay a certain amount as a premium to get these riders. There are different types of riders that include –

  • Accelerated Death Benefit Rider
  • Critical Illness Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Disability Benefits Riders
  • Waiver Of Premium Rider
  • Income Benefit Rider

Consider the kind of riders an online term insurance provider offers and how you can benefit from the same. 

  • Request For The Quote

Once you have found the right provider, fill out the application form. Here you will need to provide certain information such as –

  • Name
  • Age
  • Email address
  • Phone number
  • Gender
  • Occupation
  • Smoking habits
  • Annual income

Based on the information, the provider will help assess different risk factors and then determine the premium for your plan. This will be the amount you will be paying monthly, quarterly, or annually for your should you choose the particular term insurance plan. Furthermore, if you choose rider options, then you will have to pay an additional premium as well. The amount will depend on the type of rider and also on the insurance company. 

  • Fill Up The Application Form

If you are satisfied with the quote, then the next step is to fill the application form. This is where you will decide whether you want to pay the premium monthly, annually, or quarterly. You will also need to add a nominee who will receive the insured amount after your demise. Here you will also have to submit certain documents to verify the information you have provided in the above step. Additionally, a detailed medical check-up will also be conducted to ascertain your health condition.

Final Thoughts 

Above are some simple steps through which you can acquire an online term insurance plan. When assessing various plans, do not just focus on what is written in bold, make sure to read every line carefully to make a well-informed decision.

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