How to get the best deal on term insurance? Well, both first-time buyers of term insurance and existing term insurance policyholders need to follow certain tips to get the best or most economical deal. What are they? Let’s have a discussion.
Why do people need term insurance? Term insurance policies are an ideal way to create a financial safety net for dependent family members. For example, the untimely demise of a breadwinner is not just an emotional loss, but also a financial loss. Nobody has control over death. The best way to deal with uncertainties in life is a term insurance plan.
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We live in a competitive World. There exists a healthy competition among life insurance companies in India. As far as insurance is concerned, India is a lucrative market with a continually growing population. The country has many insurance companies which offer tailor-made term insurance plans.
People staying in rural areas are not aware of this fact. When it comes to insurance, they believe LIC to be the only life insurer. The IRDA registered insurance companies are equally competitive and reliable. Because of the cut-throat competition in the market, term insurance customers enjoy the benefit of pricing. This is possible only when you are an informed customer. Cross verify the policy details before availing the plan.
See Also: Term Insurance For Indians
Many people believe online term plans are not safe. But, buying term insurance online has proven to be economical and convenient. Insurance companies appoint agents to promote and sell their products. Agents are paid a fixed percentage of commission. It means when you buy a term insurance policy through an agent, the commission is passed on to you. Alternatively, you will get a higher sum assured when you buy online for the same premium.
Insurance companies expect the policy details to be accurate, up-to-date and reliable. Under no circumstances, people must lie on their medical condition.
Improper disclosure means the insurer will not settle the claim. Buying term insurance is not safe without disclosing the crucial details. People suffering from pre-existing diseases should be very honest and open to get the best deal on term insurance. Or else, they are more likely to face claim rejections or delays.
Take the help of financial experts or financial education companies. Do not be influenced by anybody while buying term insurance or other insurance products. Financial education companies, like IndianMoney.com, will give you the right and unbiased advice. Here is an example. Ramu and Vikas are good friends. Both are earning the same salary. Vikas has 3 dependents while Ramu has 5. In this case, Ramu has to go for a higher cover considering the number of dependents. Term insurance is need-based and therefore, seeking the help of experts is highly desirable to get the best deals.
See Also: Benefits of Buying Term Insurance Online
Lead a healthy life. Regular exercises and maintaining a healthy diet helps stay stress-free and healthy. If you are a smoker, try quitting. Reduce the consumption of drugs and alcohol which are injurious to health.
Health matters a lot while buying life insurance policies, including term insurance policies. A healthy person would pay a lower premium vis-a-vis a person suffering from any illness. Insurance companies load premiums for smokers.
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