When you buy a life insurance plan, you must be aware and conscious in order to get the best deal. Best life insurance cover would not only offer you a good sum insured, it would be loaded with other benefits and be available at a competitive price. In this article, we list the important components of life insurance that you must look for in your ideal cover. Take a look.
Is your service provider giving you all the benefits?
Like mentioned above, you must choose the most suitable plan to ensure you get the highest value out of the life insurance cover. You must look closely to ensure your insurance provider has the following benefits on offer:
- High cover: One of the most important reasons behind getting a life insurance policy is the coverage amount. You must get a plan that promises to pay a high sum insured to your family in the event of your death. This amount should be large enough to cover your financial milestones, act as your income replacement and also be sufficient to clear any loans that you may still be repaying.
- Affordable premium options: The life insurance plan should not cost too much. Of course, you will be expected to pay a premium for the cover, but the rate should be competitive and affordable for you. Also, your service provider should offer you flexible premium payment terms to help you plan out your finances appropriately.
- Flexible investment options: Most of the types of life insurance, such as the endowment plans and the ULIPs, invest a part of your money in the financial markets. Your insurance provider should have a sound knowledge of the markets and the investment schemes to ensure you get the highest possible returns out of your life insurance plan.
- High bonuses: Many life insurance plans earn you bonuses, which get accumulated with the life cover. The bonus pushes up the value of the death benefit or the maturity benefit and offers a larger pay out.
- Ease of access: Last but not the least, your insurance service provider must offer you a lot of ease of access. The insurer must have a strong digital presence and a helpful customer support team to ensure you never face any issues working with them.
If you find all the above benefits being offered to you, you can go right ahead and be assured of having chosen an excellent life insurance provider.
Why is it easy buying online?
Buying a life insurance plan online is actually very easy and convenient.
- Quick and convenient: One of the main reasons why people buy insurance online is the convenience. You can buy the cover at any time of the day or night, from any place by accessing your insurer’s website or mobile application. You do not have to waste time travelling to the insurance provider’s office, standing in queues and so on. This saves your time and your energy.
- Cheaper quotes: The online life insurance plans are also preferred because they are cheaper. You will find a noticeable difference in the prices of the online life insurance policies and the offline life insurance policies.
- Unbiased decision: When you buy your plan online, you do so without the help of an insurance broker. So you are free to run your own comparison and find the most suitable plan. This helps you to make an unbiased and informed choice and get the best possible life cover for yourself.
- Instant approval: You get to know of your life insurance application status instantly. This means that the insurance provider tells you whether or not you are eligible for the plan in a very short while. This is different from the word of offline life insurance where at times you are made to wait for days and then told you would not be eligible for a cover!
So as you can clearly see from the points mentioned above, there are many components and benefits of online life insurance that make them the preferred form of life insurance for many. If you too are planning to get a new cover for yourself, make sure your insurance provider offers the correct benefits to you. Keep the points mentioned above in mind and check your policy wordings thoroughly to ensure you get nothing but the very best out of the life insurance purchase that you make over the internet.