The internet rules the world and there is nothing which we cannot buy or do online today. Like many other things life insurance can also be bought online. In fact, it is an easier and a faster process when one decides to buy the policy online. There are many tools which help compare the options available in the market for life insurance making it easier for an insured to choose the best policy suitable to his/her needs.
What is Life Insurance?
There is nothing difficult in understanding the concept of life insurance. It is a policy where an individual pays the premium depending on the chosen sum assured and in the event of his untimely death, the beneficiary receives the amount. It can be a daunting task to decide which kind of the policy is the best, the premium and the sum assured. It is difficult to assign a value to a human life as they not only offer financial stability but are a major emotional strength. There is nothing which can fulfil the void a person leaves; however, the life insurance policy can take care of the financial loss involved. The amount received from the insurer can help in solving many problems.
Buying an insurance policy online is a very easy process. There are many advantages of buying the policy online. Some of them are:
- The insured buys the policy directly from the company, thus, eliminating any middle man. There is no commission to be paid to the distributor and this results in good amount of savings on the premium.
- An insured can take help of a good aggregator website to compare the options available to him. All the features of the plans along with the coverage and the premium and other aspects can be easily compared. This helps to choose the most appropriate plan depending on the needs of the insured.
- While buying insurance online, it is simple to take into account the customer reviews available. Choosing a good policy is important, but what is also important is to choose the right insurer. Reviews about services offered and claim settlement ratio must definitely be seen as these things are very important.
- Buying life insurance online can save a lot of time. The process is hassle free and there is lesser paperwork involved, making the process easier and simpler.
- The insured gets the policy copy on mail which is easier to save for future use.
- There is a customer support which is always available to help in case of any issue anytime making the process better for the insured who might not have too much knowledge about insurance policies.
Buying insurance online is simple and has many benefits as stated above. The process to buy the policy is easy and can be done by anyone having a basic knowledge of insurance and computers. The main steps to buy the policy online are:
- Take help from one of the aggregator websites like Coverfox.com to compare the options available online. The comparison will also give a better understanding of the policy.
- The tool available on the website will ask for the basic information like age, income, gender, health habits like smoking etc. This helps the tool to give the best options.
- Once the options are available, the insured can choose the best plan suiting to his needs and pay the premium online. The receipt of payment of premium is sent on email by the company.
- A proposal form has to be filled in after this which needs all personal details along with the details of the beneficiary.
- Post this, for the purpose of verification, some documents have to be uploaded and in some cases a request for medical tests is given.
- Once the verification is done and all medical reports are received, the insurance company takes a decision. If everything is in place, a policy is issued and the same is communicated by email.
Buying a life insurance policy online is not only easy, but it has also many benefits when compared to the traditional methods. Buying the policy online saves time and money and is undoubtedly, hassle-free with a simple process. Buying a good life insurance policy is essential to ensure there is no problem faced by the family in times of an emergency.