Why Is It Better to Purchase a Term Insurance Online?
With online transactions gaining popularity, you may be confused with the mode of purchasing a term insurance plan. If you are not tech-savvy but can handle online shopping, then you should go through this comparative account of buying online versus offline term plans.
1. Flexibility
Online Term Plan
Many people prefer to shop online when given the option to avoid physically going somewhere. Online shopping is the most effortless way to get a life insurance plan and can be done while you are working and comparing other plans at the same time.
Offline Term Plan
Offline term insurance isn’t very flexible as you have to put some time aside from work and meet up with the agent to complete the process. But some policyholders find it satisfying to interact with an agent and prefer traditional methods of purchasing.
2. Premium Price
Online Term Plan
When compared to the offline mode of purchasing, you can buy a policy for a lower cost via online method. This is because the traditional way not only charges you for the term plan but also for the agent as well. So, you end up paying the commission of the agent, which increases the overall cost of the plan. Whereas anonline term plan involves no one and hence, eliminates the commission, making it an affordable option. Online mode also gives you access to a term plan premium calculatorto understand your needs and requirements.
Offline Term Plan
Offline term plans can be a little expensive as the premium amount also includes the commission of the agent. But again, it varies from person to person as some find it easier to communicate to an agent rather than checking for the premium quote online. An agent is able to accommodate your financial condition and requirements better. But the premium cost with the traditional method will be higher.
3. Trust
Online Term Plan
When you choose to buy the online term plan, you can easily access the insurer’s website and view all the terms and conditions regarding the policy. The chance of hiding anything like the exclusions of the plan and riders is little to none. By reading all this, you can decide if the term plan is for you or not.
Offline Term Plan
It depends on the agent to provide you with the terms and conditions regarding the plan until you get your policy papers. But this won’t be the case for every agent as they have to inform you of the exclusions not covered by the pan. A drawback of this is you have to talk to various agents to be able to compare the plans. This can be time-consuming and hectic.
4. Doubts Regarding Insurance
Online Term Plan
Insurers offering online plans have all the information regarding the insurance plan on their website, giving you easy access to it. If you have further doubts, you can reach out to the customer care for additional information.
Offline Term Plan
In the offline method, you have to reach out to your agent for clearing such doubts. A perk of this is that the agent is well-versed with your plan and will be able to help you a lot better when compared to customer care.
