The guide to help you buy term life insurance online

Posted by Nidhi Mahajan
September 20, 2017

Self-Published

One of the reasons why people shy away from insurance is the time consuming process. You have to fill up forms, sign at a lot of places and provide supporting documents. And then you have to wait for a substantial period of time before you get your hands on the policy documents. Even though many people would like to have insurance, the process can tick some of them off. What if there was a way to surpass this and make the process much easier and faster? What if you could have access to your policy in a much shorter time frame?

Buy Online

At times when you can order things like groceries to television online, there is no reason whatsoever why you should not be able to buy insurance online. You can visit the website of any insurance company you wish and buy their term plans online. It is becoming one of the most preferred modes and quite rightly so. Besides, you may also visit online broking sites like Coverfox.com for unbiased advice and comparative quotes. Here, you can compare plans of different insurers under one roof!

Benefits of going online

Business in almost all the sectors has evolved due to the presence of internet. The internet has moved from being a source of information to being the source of existence for several aspects of our lives. Traditional methods involve you buying insurance from the company outlets or with the help of agents or via consultants. One of the biggest challenges with the traditional mode is its inefficiency and longer turnaround time.

It goes without saying that it was expensive as well. Things change dramatically when you buy term life insurance online. The cost of the policies come down, as the insurance companies now don’t have to pay for the various channels. Along with it, the online mode is pretty efficient and thus helps bring down the turnaround time of the entire process.

How to buy online?

If you have ever purchased anything online, buying term life insurance online is not very different from it. But, it isn’t a big task for first time users too! First of all, you have to decide which insurance company you want to trust your life with. Once you have finalized it, well a simple and linear process awaits you.

  • Visit the website of the insurance company
  • Look for the option to buy term life insurance online
  • Enter the sum assured you feel comfortable with
  • Select the duration of the insurance
  • Select the duration for which you want to pay premiums
  • Select a payment option for the policy
  • You will receive an acknowledgement on successful payment
  • The insurance company gets back to you with the status of the application, either its approved or not
  • On approval of your policy, you receive a soft copy and you can expect the hard copy at the registered address in some days.

Alternatively you can choose to visit comparison websites to get a better deal for your term plan. The comparison websites would let you choose from different plans provided by different insurance company. Based on factors such as price, convenience, features and good service available, you can select a policy of your choice.

  • Visit an insurance broker website like Coverfox.com and select the product as term insurance
  • Enter the mandatory details such as age, residence city, gender, annual income, usage of tobacco and contact details
  • Select the tenure of the term plan
  • Select one policy and proceed to pay.

The rest of the steps remain the same. Once you pay for the policy, you would receive a soft copy of the policy, provided the insurance company approves the same. If you buy life insurance online, a fast, linear and hassle free process awaits you.

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