Nowadays, a lot of individuals consider buying term insurance policy even with the underlying fact that it provides higher insurance coverage in affordable premium rates with no returns. With the increase in popularity of term insurance plans, most of the insurance providers offer online term plan which has a simple and hassle-free process of purchase.
There are numerous benefits of purchasing an online term plan. Let’s take a look at why the insurance seekers should ditch existing term plans for cheaper online alternatives.
The offline purchase of term plans includes a lot of processing fees and paperwork which is reduced if the plan is bought online. As the whole process of purchasing is done online, these benefits are offered to the customers in form of discounts. Moreover, the buyers also do not need to give any type of agent fees. Besides this, the profiles of online buyers are better than offline buyers, therefore, the mortality cost of online buyers are lower.
An individual can consider purchasing an online term plan, if he/she wants coverage at a lower rate. However, it is important to keep certain important factors in mind:
Purchasing an online term insurance policy or making a switch from offline to online term plan while being young is beneficial as for young buyers the premium rates of the policy are cheaper. This is because young people are less prone to health risks. Thus, for individuals, 45 years and above it is better to stick to the old plan as shifting to new plan even online can prove to be more expensive than the existing plan.
Understanding all the advantages and disadvantages, an individual can always sift to online term insurance if he/she thinks that they are paying too much for their existing policy. However, it is important to keep the important aspects in mind like age and policy tenure while making a switch.
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