As the pandemic continues to have the world in its grip, more people are learning about the importance of getting themselves a life insurance policy. Having an insurance policy is like a ring of protection around the policyholder’s loved ones, in the unfortunate event of the policyholder’s demise. With the uncertainty around COVID-19 growing with each passing day, having an insurance policy can mitigate the stress and ensure that your family’s life goals and finances are sound.
However, under the pandemic circumstances, many branches may not be working at full capacity and visiting branches physically may not be a safe option. So, how does one buy life insurance products under these circumstances? By buying online.
Buying life insurance online involves certain processes. They include –
• With the advent of internet, buying life insurance has become even more convenient. One can buy life insurance products online as well as offline depending on their choice. It becomes easier for users to compare life insurance policies online in case of buying life insurance online. If one decides to connect with a life insurance consultant or an agent who can guide them through the process, they can do that as well.
• After one has compared life insurance plans and decided on a suitable plan that fits their needs. They can start with filling up the application form available on the insurer’s website. The applicant needs to provide basic information such as name, contact number, date of birth, expected life cover income and other details. An important aspect is to mention if the policyholder has a smoking habit.
• Once these details are filled in and the application is submitted, and once the documents have been uploaded, the applicant is asked to make a payment of the premium, which can be paid through any of the online payment options.
• After the application is approved, the policy document is sent across to the policyholder.
The medical test may or may not be mandatory, considering the kind of plan chosen, age and other factors. Under the COVID-19 pandemic situation, many insurers are seeking declarations with applicants about their health status and not asking for a medical test for some plans. However, this depends on the discretion of the insurer.
Benefits of buying life insurance products online
Safety is a key aspect when it comes to buying life insurance online during the COVID-19 pandemic. You no longer have to visit the branch; instead, you can voice call, video call or even chat online to get your doubts cleared. This way, you can avoid the hassle of personally visiting the branch or even the agents visiting you. This ensures physical distancing and avoiding exposure, important aspects of protecting yourself from infection during the pandemic.
Since companies offer life insurance policies online, you have access to all the product or plans they have to offer. You can compare different features that each one of them offers, their benefits and the premiums you may need to pay. This becomes all the more useful in today’s scenario when you would need to quickly look up the many types of life insurance plans and choose a plan that suits your needs.
The biggest advantage of an online life insurance plan is the immediacy that comes with it. It is hassle-free and quick, because all you need to follow the prescribed process for buying insurance online. The policy document will reach you quickly. In addition, online payments of premiums can be done in quick time, thereby saving you much time.
You do not have to worry about the safety of your transaction because the payment mechanisms are watertight, and there is a secure process that ensures there are no fraudulent transactions. Under the pandemic circumstances, these security mechanisms have been fine-tuned and you can effortlessly buy online.
Many life insurance products such as term insurance are less expensive online than offline. In some plans, premium rates online may be lower because of savings on documentation, logistics and distribution costs.
• Access to online tools
You also gain access to online tools such as a premium calculator or a life insurance calculator that helps you compute the amount you need to pay as premium for different life covers and plans you may require as per the product you want to opt. There is a different life insurance calculator for each type of product category, for instance, a term insurance calculator and a ULIP calculator, where you can calculate how much cover/insurance you would need to meet your life goals.
To sum up, buying life insurance plans online during the pandemic could ensures you a peace of mind, and buying life insurance online could makes sure you stay home and safe and yet get the product of your choice to meet your life goals or financial goals as deemed fit. You can compare plans online, pay premiums online hassle free, without too much of paperwork or heading to the branches of insurance companies that you might have done otherwise. Choose to go online and stay safe and secure.