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5 Tips to Buy a Term Insurance Plan Online

IndianMoney.com Research Team | Posted On Tuesday, August 06,2019, 05:45 PM

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5 Tips to Buy a Term Insurance Plan Online

 

 

The most effective way to shield family’s future is by availing an online term insurance plan. This is because online term plans ensure higher insurance coverage at a lower premium.

Availing term life plan is easy as you can pick up an online term life plan, from the comfort of home. However, to ensure you get the best deal online, follow the below-mentioned tips to make an informed decision.

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5 Tips to Buy a Term Insurance Plan Online

1. Think About Dependents and the Coverage:

While accessing term insurance requirements, a crucial aspect to be considered are the number of dependents. The dependent family members may vary at different stages of your life. For example, if you are single and living with your parents, then parents may be dependent on your income.

If you are married without kids, then spouse is your dependent. If you are married and have dependent kids, then you will have to think about securing your spouse and kids. Therefore, you must choose the life insurance cover; keeping in mind the financial requirements of your dependents.

See Also: 7 Reasons To Buy Term Insurance Online

2. Determine the Sum Assured:

Online term plans offer higher cover at lower premiums. Insurers enjoy lower operational costs, and transfer the benefit to policyholders.

With the advent of online term life plans; you can avail term life insurance at a pocket-friendly rate. You may have to undergo a medical test, before availing the term life plan. So, you must avail higher term insurance coverage; based on family requirements.

3. Look for the Benefits and Features of Online Term Plans:

The online term life plans offer various features. There is the income replacement option for pure term life plans. Under this feature, the nominee of the policyholder will get a series of payments; instead of a lump sum payment.

Some term plans also offer increasing sum assured at fixed intervals. When comparing term plans online; make sure to go through the features and benefits.

See Also: How to Buy the Right Term Insurance Plan

A policyholder can review term life plans and also access customer reviews. You can make an informed decision by evaluating the pros and cons of term insurance plans offered by various insurers.

4. Use the Comparison Tool to Determine Your Human Life Value (HLV):

The HLV calculator determines a person’s earning potential and helps calculate the loss of income your family would incur on an untimely demise. The HLV calculator helps determine the sum assured to secure family’s finances.

Once you have determined the life value and the amount required to secure your family, you can easily avail a term insurance online; as you are clear on insurance requirements. Calculate HLV using IndianMoney HLV Calculator.

See Also: Term Life Insurance - A Necessity Or A Fad?

5. Go Through the List of Formalities:

Do medical tests before availing a term life insurance plan. The insurer bears the costs and the reports are shared with the policyholder. In case of online term life plans, the insurer may ask for medical tests. So, you must go through the terms and conditions of the online term life policy. The medical test may lead to an increase in the premiums, due to loading in case of adverse medical results.

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