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Online Term Insurance: A step-by-step guide to buy it

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Term insurance policies are crucial as they serve as a back-up plan in case of adversities. Term insurance provides the quintessential financial protection in the aftermath of adversity. The market today is cluttered with many companies offering their term policy product hence finding the best term insurance plan is challenging. Here is a step by step guide to buying an online term plan.

Step 1:- Research

Before you start the research, you first need to do a ‘need analysis’ based on your individual and household needs. According to this analysis, you can begin researching various online term plans. Search engines such as Google can come in handy and bring you a lot of results under the online term insurance category. You need to carefully go through the details of every term policy that interests you and see if it best suits your needs.

Also Read: Reasons Why You Must Have a Term Plan

Step 2:- Compare

Compare different online term policies that you have identified in your research on the most important parameter of all – the cost. Get quotes of all the term insurance plans that you have shortlisted in your research. Several comparison sites can help you to compare different plans based on pricing, or you can visit the company website, in case you have a preference and go to the quote section to get authentic and exact details.

Step 3:- Make the decision

By following the earlier steps, it is possible that now you have narrowed down to 2 or 3 insurers and now in this step, you have to decide which term insurance to buy and from which company. You need to check each company’s past track record of claim settlement, the company’s financial condition, and market credibility among other factors. Doing this background check will help you to finalize things.

Step 4:- Online payment

After you decide the online term plan and generate its quote, you will be asked to make an online payment. There are a lot of secure payment gateways available today apart from credit or debit cards; you can use any one of your convenience. You will be asked to fill out an application form post payment, and you will have to mention the convenient date for medical examination.

Also Read: Fastest Way to Lose Money

Step 4:- Document submission

You can submit documents of proof of age, identity and residence proof by scanning them and then mailing them. Alternatively, some companies also receive documents through WhatsApp. You then receive your policy by post.

Online term insurance is affordable and easy to buy; furthermore, it provides great benefits. Keep certain things in mind, and you can get the best deal quickly and safely.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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