When it comes to investing in insurance plans, term plans are known to be one of the most prevalent forms of insurance there are. This is because the insured is required to pay a low premium but in turn gets a high cover. The main aim of investing in a life insurance policy is that you are able to life a peaceful and tension free life without worrying about the financial condition of your beneficiaries and loved ones after your passing.
One can purchase a term insurance plan either online, or offline. The key difference between the two is price, leaving people confused as to which plan they should go with – an offline or an online term insurance. However, both have their own advantages, and knowing about the same can help you decide which one, out of the two is most suited for your needs.
Online Term insurance
- You can make comparisons between the various policies available.
If you purchase a life insurance policy online, you are able to compare all the policies that they offer which you are unable to do, if you decide to buy one from an agent. This is because they will advise and insist that you purchase your plan only from their insurance company.
- Lesser chances of foul play taking place.
If you decide to buy an online life insurance plan, you are not only able to go through and compare the various policies that they offer, but can also go through their terms and conditions, at length, before purchasing a plan that’s best suited for you. This is said to lower the risk of any foul play or frauds taking place.
If we compare the practice of purchasing a term plan online to offline, that is through an agent it has its advantages. An agent can very well influence the terms and conditions in order to control your choice in the favor of his company. There have been many a case, where customers have reached out to companies complaining about such incidents taking place.
- The premium you have to pay is low and the cover is high.
Online term insurance plans, when compared to their offline equivalents are known to be a lot cheaper and cost efficient since there is no involvement of an agent or a third party. This in return, eradicates commissions that are taken by the agent for his services. Moreover, the premium one needs to pay is a lot lesser and the cover insured higher, when compared to an offline term insurance.
- It isn’t as rigid as an offline plan would be.
When compared to an offline term insurance policy, its online equivalent is a lot more flexible. Further, there are a lot of alternatives which can assist you to choose a plan that’s a good fit for you. But it is key that you do your research well and go through all the plans the company offers as well as their terms and conditions, online. This eliminates the risk of the offline plan, where there is an agent involved, who can not only manipulate the terms and conditions but can also make mistakes when the form filling duty is given to them by the customer, which can turn out to be extremely costly when the customer has to claim his cover.
Offline Term Insurance
- They offer added benefits
Online term insurance plans are only known for offering death benefits, and added premium needs to be paid by the insured for covering accidental death. Moreover, online term plans do not cover accidental deaths, serious illnesses and perpetual disabilities.
- The cover assured.
People blindly believe that the cover assured when they buy an online term insurance is a lot higher than its offline counterpart. But this is usually very gimmicky and one must only purchase an online term plan with a higher cover, only if they actually need it. If they do not, then an offline term plan is a much wiser and practical choice.
Which plan should you go for? If you are confused regarding which plan you should opt for, it would be wise to go through the company’s website online and carrying out a research about the various policies they offer, and also their terms and conditions. If you are still confused, then there is no need to worry because every company has toll free numbers listed on their sites, which you can dial and their employees will be more than happy to clarify your doubts and shed light on any queries that you may have. If you follow both these steps, it will ensure that you will have a sharper picture about what kind of insurance plan would be best suited to your needs and is one you surely want to purchase.