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Steps on How to Buy a Life Insurance Policy

Steps for Buying a Life Insurance

Here are the Steps to Buy a Life Insurance


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Nov 02, 2021

By : Bajaj Allianz Life

 

What is life insurance?

 

A life insurance policy is a contract between a person and an insurance company in which the insurer provides financial safeguard to the insured in exchange for recurring payments, i.e., premium.

According to the agreement, the insurance company will pay the individual or his family a lump sum payment after a specific period of time in the event of the policyholder's death or if the policy matures as per the conditions specified therein. There are various types of life insurance policies available to meet the demands and requirements of the customers.

 

Steps to consider before buying life insurance

 

 

• Determine whether or not you require life insurance

 

Although the majority of individuals do, this is not the case for everyone. You probably don't need life insurance if no one financially relies on you, if you have no debt, and if your estate would be able to pay its own taxes and expenditures. If you don't fulfil these requirements, you might need individual life insurance.

 

• Consider any additional goals you may have for your life insurance policy

 

Some life insurance policies have a savings feature that can be used for something other than paying out death payments.

 

• Determine which sort of life insurance is most appropriate for you

 

Term life, whole life insurance, and universal life are the three basic forms of life insurance policies. A term policy, which has lower premiums, may be a good fit if you only need insurance for a short period of time or have a limited budget insurability allows you to increase your death benefit without having to provide further proof of good health.

 

• Look around

 

When purchasing life insurance, there are numerous methods to save money, but not all of them include paying a lower premium right away. However, because life insurance is a highly competitive industry, quotes and product features can differ dramatically from one company to the next.

 

• Choose whether or not to pay premiums on a yearly basis

 

In most circumstances, paying annually rather than in instalments is preferable because paying smaller amounts more frequently generally results in a relatively substantial additional charge.

 

• Your beneficiaries should be informed about your life insurance policy

 

Once the policy is issued, notify your beneficiaries about the firm that issued it, where they may obtain a printed copy of the policy, and any instructions you have for them regarding the death benefit. While it is uncommon for people to be uninformed that they are the beneficiaries of a life insurance policy, it does happen, and you want to be sure the benefit is not lost. Also, keep your records so that your beneficiaries can easily access them.

 

How to buy life insurance online & offline?

 

Are you thinking about buying life insurance? While more people are purchasing insurance plans online, many people still prefer the traditional offline way of acquiring a policy through an agent. What factors should you consider when buying life insurance online versus offline?

Should consumers acquire life insurance online given that the internet is the go-to option for so many of our day-to-day activities? Is it better to use the traditional offline technique of buying coverage from an insurance agent? While everyone has the right to their own opinion, an increasing number of people are opting for the online option. The inescapable advantages that the internet world offers over the offline technique are driving the rise in popularity of online life insurance. Here's a rundown of some of the most significant advantages of buying life insurance online:

 

• Policies that are less expensive

 

If this is your first-time buying insurance, you should be aware that insurers pay the insurance intermediaries a part of the premium for offline products as a commission. It raises the cost of the insurance premium. Insurance intermediaries and their commissions are no longer necessary with online insurance.

Online life insurance is often believed to be less expensive than offline mode because no commission is paid to an intermediary. Because insurance companies are not obligated to pay commissions on plans offered online, the savings are passed on to clients in the form of lower premiums.

 

• Complete and total transparency

 

It might be difficult for an individual to make a decision with so many insurers offering so many different types of life insurance coverage. As a result, most customers are forced to rely on the insurance intermediary's restricted options. However, you may readily compare all of the products from all of the top insurers using online platforms. Before purchasing life insurance, you can go to the insurer's website and learn more about the various products. You have complete transparency as well as the ability to compare multiple insurance and choose the preferred one for your needs.

 

• Purchase what is most appropriate for you

 

The commission is always the driving force for insurance salespeople when it comes to closing a deal. As a result, they have a reputation for pushing plans or insurers that pay them the most commission. The customer's interest or wants are frequently overlooked in the process.

When looking for life insurance products online, however, no one is pressuring you to choose a specific policy or insurer. You have the freedom to choose the insurer or policy that suits your life insurance requirements.

 

• Increased adaptability

 

Overall, online insurance is recognised to be a versatile option. Buying insurance offline, might need you to organise a meeting with an intermediary and take time out of your busy schedule to discuss your insurance needs.

Online platforms, allow you to browse, compare, and buy a policy at any time of day or night.

 

Wrapping Up

 

Because of the relative value they provide with low premiums and high coverage, term plans have become the most popular type of insurance. These plans offer the basic benefit of risk protection, as well as a sense of relief and peace of mind in knowing that your family will be taken care of even if you are no longer alive. Term plans can be purchased both offline and online.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.