Is it possible to get the kind of insurance you want with online sales platforms? While you can certainly get some types of insurance online without ever talking to another person, you might not get what you want. It may be massively convenient to buy things at the click of a button, yet some things are simply better with a personal touch. Ultimately, it all comes down to what you WANT from an insurance policy. The Internet’s Impact on Life Insurance Sales While many people would have you believe that all life insurance is the same, that simply isn’t true. Term insurance and whole life insurance, for example, have wildly different components. For starters, one is permanent insurance, and...
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2. Buy life insurance online If you want to speed up the purchasing process, you may be able to buy insurance online directly from your provider. If you choose this route, you’re in control of making the choices for your family’s financial protection, but will still have the option to work directly with an expert if you need help at any point. Buying life insurance online is a convenient method. At LGA, we want the process to be fast and easy. That is why our entire process can be done in just a few short steps, and you can get protection when it fits your schedule. Here is how our online life insurance purchasing process works: Answer a few questions about yourself and...
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As insurance companies are tweaking their product strategies, customers should opt for online term plans which are 20 to 30% cheaper than offline ones. Since the outbreak of Covid-19, interest in life insurance, especially term plans for pure protection, has grown. Data from Insurance Regulatory and Development Authority of India show that protection sales have risen in Q1FY21 as the sum assured-to-premium ratio has increased to 56.3 as compared with 32.4 in FY20. Experts say policyholders are increasing their life cover and pure term plans, especially the online ones, are gaining traction. However, sales of unit-linked insurance plans (Ulips) have dropped as consumer confidence in the...
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Irdai makes buying life insurance easier 5 min read . Updated: 10 Aug 2020, 10:55 PM IST Disha Sanghvi In keeping with social distancing norms, insurers will now provide offline term plans and policy documents of all such insurance products digitally Irdai’s push for digitization makes buying life insurance policy easier We tell you what the changes are what they mean for you. E-CONSENT OF PROPOSALS Buying online term plans is easy, but getting an offline term insurance plan could be tough in these times. “Term plans are simple and easy to understand. This combined with the fact that it’s prudent to take one step at a time could be the reason to restrict the dispensing of physical...
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Why Purchase Life Insurance? We’ve all heard about the importance of having life insurance, but is it really necessary? Usually, the answer is “yes,” but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection. If you’re single and have no major assets to protect, then you may not need coverage. In the event of your untimely death, your beneficiaries can use funds from a life insurance policy for funeral and burial expenses, probate, estate taxes, day care, and any number of everyday expenses. Funds can be used to pay for your children’s education and take care of debts or a...
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A Guide to Buying Life Insurance Online (Photo: A Guide to Buying Life Insurance Online) A life insurance policy is a sensible investment, especially if you have dependents that rely on you for financial security. In the past, if you wanted to buy a policy, you would probably contact your local salesperson or talk to your bank or mortgage lender who would give you advice on the best option for you. Now, with the arrival of online sales, it is more important than ever that you do your research before you commit to a contract. Here are some of the things that you may want to take into consideration before buying life insurance online. Affordability Finding a policy that's affordable in the...
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ARLINGTON, Va. and WINDSOR, Conn., April 25, 2017 /PRNewswire/ -- American consumers expect the life insurance industry to remain innovative and continue to meet their needs and preferences, according to the 2017 Insurance Barometer Study. The study finds that 70 percent of Americans who would consider purchasing life insurance would be interested in doing so without a physical exam, also known as simplified underwriting.* Now in its seventh year, the Insurance Barometer Study tracks the financial perceptions, attitudes and behaviors of consumers in the United States, with an emphasis on life insurance. LIMRA, a not-for-profit research trade association, and Life Happens, a non-profit...
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Media Release: Thursday, 13 February 2020 The latest findings from NobleOak’s annual Life Insurance industry survey highlight a stark contrast in purchasing behaviour between men and women. 47% of females would prefer to speak to a representative on the phone, compared to just 32% of men. More females (48%), than men (41%), would prefer to use an expert financial adviser. Moreover, 31% of men would prefer to purchase online compared to just 18% of women. What is your preferred way of purchasing a Life Insurance or or Income Protection product? Interestingly, only 15% of 30-34-year-olds were likely to purchase using the internet, showing a potential lack of confidence or knowledge for this...
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Covid-19 policies are not a replacement for regular health insurance coverage 1 min read . Updated: 26 Apr 2020, 07:27 PM IST Abhishek Bondia Covid-19 policies can be bought as a supplemental coverage, but are not a substitute for regular health insurance Given the covid-19 pandemic and its associated hospitalization expenses, many insurers have launched covid-19-specific policies. Some of these policies are fixed-benefit plans that offer a lump sum benefit if you are diagnosed with covid. The typical rate for such a policy is about ₹ 2,000 plus taxes for a ₹ 2 lakh sum assured. A few covid-specific polices are hospitalization-linked indemnity plans. Such policies would reimburse the...
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I’m not much of a planner. It’s not that I’m reckless or even terribly spontaneous, but if I try to peer too far into the future, I can start to feel anxious. Better to train my sights on whatever’s important in the given moment, I tend to think, even if it’s just toes in the sand, salt air in my hair, and watching my kids try over and over to boogie board in still water. The catch is that becoming a parent means a niggling sense of responsibility that crops up even when the most immediate concern is gathering enough slipper shells for sand castle adornment. And of course it’s not just a sense of responsibility. In addition to depending on us to steady the boogie board for the fortieth time...
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