When to Opt for an Online Term Plan

The trend of buying insurance online is picking up fast. And, why not! After all, the process of buying online is a lot more convenient than the traditional process of buying term insurance through agents. If you are still not sure whether you should buy term insurance online, read on to know some facts that would help you make an informed decision. 

Buying an Online Term Plan does not Mean there is no Help at Hand!  

Just because you have decided on buying online term insurance does not necessarily mean that there is no help at hand. You can always take the help of an insurance agent. Most online insurers would be happy to refer an agent to you. However, you can also choose to do it on your own. The call is yours.

If You Want to Decide on Your Own, You Should Buy Online

if you think you knows enough about term policies, buying online would be the easiest route for you. There is no unwarranted interference here. You can make your own assessments, with the agents trying to influence you with suggestions that are in their best interest, rather than yours. When you buy online, you can choose your option purely based on your personal judgment.

Online Term Plan Is Cheap—In Most Cases!  

You must have heard that a term plan could be up to 40 percent cheaper than its offline counterpart.  Well, that is true! And this does not mean that you would be offered anything less in terms of service quality or claim settlement process. It is cheaper because the distribution costs are low and, in most cases, agents are not involved.  Your premium amount would also depend on your profile as a buyer. For instance, if you are around 25 years of age, have a good job, a strong academic record, and a comprehensive health insurance policy in your name; you are likely to get a term plan at high discounts. Such a profile is considered to be a low risk candidate from the insurer's point of view. Hence, they do not have a problem in offering hefty discounts and rebates on premiums. However, if you are above 45 years of age and happen to be suffering from pre existing illnesses, the rebates may dwindle.

So, seeking the assistance of an agent would be advisable, if you wish to buy an online term plan at a later stage of your life. The best time to start, however, is to start early.

Online term policies offer interesting variations these days. Therefore, it would be wise to assess your options carefully.

[Source: http://onlinelifeinsurance1.weebly.com/blog/september-09th-2014]