No medical life insurance. Step-by-step Process To Buy An Online Term Insurance Policy - Greyfont

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Step-by-step Process To Buy An Online Term Insurance Policy - Greyfont

There is absolutely no denial stating that term insurance plans offer the best financial security to your dependents in case of any eventuality. But, the only million dollar question lies in understanding the various options available and the type of coverage’s that it provides to an individual. Online life insurance policy purchase.

Besides, there are so many questions in the mind of the one who wishes to purchase the plan with regards to the effectiveness of the plan, the process how the claim would be settled, and the premium amount to be paid, etc. In a traditional way, an insurance agent would help you out in the buying process. However, buying a term plan online would be really the best decision since it’s hassle-free and quick. Mentioned below are the steps in buying an online term insurance plan.

What homework will you need to do?

Before you narrowing down your search on the best term insurance plan online, you need to do a bit of homework.

1. Understand your requirements:

A lot of buyers usually tend to understand their requirements while purchasing a term insurance plan. You can buy one keeping your different needs in mind. Many buy a term insurance plan to secure their children’s education whereas many others buy to secure their family from the debts or any outgoing loans. If you go online, there are many term insurance calculator’s that help you understand your basic needs just by highlighting all the components that you should consider, which you might have otherwise overlooked.

2. Know the credibility of your life insurer.

The brand value, the solvency ratio as well as the claim settlement ratio, etc. are some of the important factors that highlight the creditability of your life insurer. It is better not to buy a term insurance plan online just with the recommendation of a friend or a relative. Experts suggest carrying out a detailed research and analysis and selecting a life insurer that provides you the best plan. Use a web aggregator website or an online insurance broker’s website that would help you compare the best insurance plans available from various insurersside-by-side and then buy a product that matches your needs.

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3. The sum assured.

Will the sum assured amount that your family receives post your demisebe sufficient to take care of their expenses? Will it be enough to foreclose your loans and other liabilities and expenditure? Give a thought over it!

Step by step process in using the online tool to buy a term insurance plan

So the above mentioned was your basic homework, now the next big step is to buy a term insurance plan online.

1. Use an online aggregator websiteor an online broker’s website to compare various term insurance policies online available from various life insurers. You can also use an online term insurance calculator available at the life insurer company’s website that will help you to understand various plans available according to your financial requirement

2. Comparing the rates would be the first step. Post this, would be keying-in your basic details. Enter your correct name, age, gender, annual income, pending EMIs, whether you are a smoker or a non-smoker and other health habits or details as required to be inputed.

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3. The system will ask you to then fill in the details of the names your beneficiaries and dependents, other personal details and any existing life covers

4. The next step would be to pay the first term insurance premium online. You will receive a confirmation message in the form of an email that would indicate the premium payment.

5. Upload the documents as required by the life insurer for verification.

6. There might be a need of medical examination.

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7. The issuance of a term insurance plan would then depend on your medical report. You will be notified via email in case your term insurance policy is issued.

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