“If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance.” – Suze Orman
Buying a life insurance policy is the need of the hour as we live in a fast-moving age filled with risks and uncertainties. To purchase a policy, most of us will contact a friendly insurance agent or approach a financial broker. However, both these entities will only promote those policies that promise them higher commission.
How do you pick up an insurance policy that will perfectly match your requirements and fit within your budget? To avail some of the best policies in the market, you should definitely buy a term plan online. Here are a few simple tips that teach you how to buy term insurance online.
- Keep Comparing
If you plan to fetch the best policy that perfectly falls within your budget and provides substantial life cover, then go online and keep on comparing the different policies.
- Be ready to answer Questionnaires
Questionnaires will be an inseparable part of the online buying process. Different insurers are known to post a variety of questions in order to understand the requirements of the purchaser.
Some of the common questions asked include:
- Basic information on health
- Vital body stats such as height, weight, age, blood-pressure, etc.
- Lifestyle habits: Smoking/ Alcohol consumption
- Work habits: sedentary or physically exerting
- Choose A Good Brand
You may avail a good policy at a lower premium from a certain company whose brand is not established in the market. Before you fall for this low premium trap, ensure whether the company is legit and maintained a decent claim settlement ratio.
Thus, it is recommended to buy a branded insurance policy to avail flexible claims and quick customer service.
- Check Out the Reviews
Reviews play a key role in understanding the claim settlement ratio of a particular insurer. Checking reviews will give you an idea about the number of claims settled and the percentage of the sum assured return. So, check the reviews to get a fair idea of the term plans.