With the applications of the Internet penetrating deeper and simplifying human life in an unprecedented manner, the convenience and benefits are fast percolating in a segment as vital as financial security as well.
The insurance segment is contributing as a significant part of the Internet and e-commerce growth storyboard. With its advantages, both life and non life insurance products such as term, motor, health, travel and so on are steeply picking up in their sales numbers.
Here are 6key reasons stating why buying life insurance online is a better bet for you:
- Helps You Make More Informed Choice
If you go through any intermediary, it won’t be a surprise if you find yourself feeling restricting your choice to the suggestions they make based on their knowledge and the products they’re selling. Many times, this leads to sub-optimal selection of the products.
If you’re making the choice to buy life insurance online, you’ll be better equipped to compare the products of many different brands and choose the one that is best suited to you. Alongside with browsing the different product options, surfing through genuine reviews will really help you to make the most informed decision.
- LowersYour Risk
A common habit among most people while transacting through any agents is leaving out the filling of the form to the agent. This in many cases leads to disputes during claim settlements due to incorrectly filed information, whether deliberate or by accident.
When you fill in the details yourself when you buy life insurance online, it ensures complete accuracy and lowers chances of any disputes later on.
Many people feel some sort of a risk when it comes to claims settlement online. As such insurance companies don’t distinguish between the settlement of online and offline claims. If the claim is rejected even after proper disclosure of the required information, the insurance ombudsman can always be approached for justice.
Also, dealing directly with the company eliminates incorrect or miscommunicated information or stepping back from being accountable on part of the agent.
- Saveson A Lot of Time& Hassles
Engaging in discussions with insurance agents is a hassle due to the time spent on scheduling, telephonic conversations or actually meeting. Even if you decide quickly on the insurance product you’re purchasing; there is a need for back and forth communication that eats up time.
Moreover, there is always an aspect of trust involved with the individual’s suggestions, which can be easily overcome by spending that extra time on your own genuine research.
If you feel bothered about the legal process being lengthy and time-consuming, getting your insurance issued online is very simple with uploading of basic documents. As a fact, online insurers offer seamless support as well by means of online chat assistance or toll-free customer care executives who help at every step, making you completely self-sufficient.
- Become Privy to A Lower Premium Cost
One of the key distinguishing features of online plans, when compared to offline, is the significant cost differential. Since buying online eliminates the intermediary and significant paperwork, naturally, the charges fall.
Reports suggest that the premiums for online term plans cost lower by 25 percent or more when compared to their offline versions, which is one of the most significant life insurance benefits.
- Enjoy Greater Comfort and Convenience
As a time-pressed individual, you might not have the time to engage in discussions during work hours. Online processes can help you execute the purchase at any time of the day when you’re connected to the internet, sitting at the comfort of your couch at home.
Online plans lend a different sense of efficiency with their automated calculation of premiums cancelling out on any need to cross check. In case of many online insurance plans, undergoing the medical test is also not necessary even though it might be required for its offline counterpart.
- Automated Servicing
The reason to buy life insurance online is not just limited to initial sales. Buying online also unfolds prompt service for existing policyholders. It comes with added life insurance benefits such as instantly renewing old policies, making premium payments online, tracking the insurance investments and even going ahead with filing the claims online.
To sum it all, buying insurance online helps to reduce costs, simplifies the process and makes the buyer self-sufficient. However, the key to getting it right is making sure you pick the right option weighing the different ones at hand.
