Life insurance is a vast, expansive area. There are many types of life insurance products and there are multiple product variants, available from different insurance companies, that offer various benefits and features. Each product has its own set of limitations as well.
Now, whenever you want to buy a product for yourself, you compare various options available on the market based on a number of parameters, such as its rating, price, quality, etc. Once you've narrowed down the choices, you can weigh the pros and cons of each product to make an informed purchase. For instance, say you want to buy headphones online. You will check various brands and compare their prices, ratings, reviews, quality, etc. This way, you can be sure that you are getting the best deal for your money when making a purchase.
Similarly, when buying life insurance online, it is crucial to compare the various options available on the market. By doing so, you can confidently choose the policy that offers adequate protection at the best possible price.
In this article, we will discuss the benefits of comparing life insurance online.
First, What is Life Insurance?
Life insurance is a financial tool that, first and foremost, aims to provide financial security to your loved ones if you aren’t around anymore. It is a contract between you and the insurance company to cover your financial risks.
It provides a fixed sum of money to your family members in case of your untimely passing away. And, it also helps you cover long-term financial goals like your retirement, kid’s studies, property investment, business set-up, etc.
To keep your policy active and receive its benefits, you need to pay your premiums on time.
For example, Manav is the sole earner of his family. His wife and son are dependent on him for their livelihood. He purchases a term life insurance plan to create a financial safety net for his family. He chooses a cover amount of Rs 60 Lakhs and for a policy term of 20 years for which he is required to pay a yearly premium of Rs 10,000. He appoints his wife as the nominee.
?Manav is the life assured/insured in the policy.
?The fee that Manav is required to pay to keep the policy active is the premium. ?The money paid by the insurer to Manav’s family in case of his untimely demise is the cover amount.
?His wife is the nominee/ beneficiary who will receive a fixed sum of money from the insurer if Manav passes away during the policy term.
Why Should You Compare Life Insurance?
Life insurance is a personal product and you can’t have a one-size-fits-all approach when choosing a plan. It is a long-term investment that will affect both your and your family’s financial futures. You need to make sure you get the coverage you need at the price you can afford. So, it is important to compare plans and their benefits before making a final decision. Comparing life insurance plans allows you to explore a variety of options available in the market. So, you can thoroughly analyse your needs and requirements and choose a plan from a pool of choices.
What are the Benefits of Comparing Life Insurance Online?
Here are some of the advantages of comparing life insurance policies online -
1️⃣ It saves a lot of time
Your busy schedule may not allow you to compare quotes from various insurance companies offline. So, comparing them online is a one-stop solution to save your time and effort to get the best plan. You can easily do it from your home without visiting their offices physically.
2️⃣ It helps you explore budget-friendly products
You have the opportunity to compare the premiums and the benefits each policy offers you. After that, you can select a plan that offers the benefits you require at an affordable price.
3️⃣ It is convenient
You can easily do thorough research and compare plans from the comfort of your home without visiting the insurance offices in person.
4️⃣ It gives you access to a chunk of information
Comparing plans online gives you access to abundant information that is difficult to avail offline from the insurers. - all in a few clicks. You can read the policy details including policy features, exclusions, claim settlement history, etc. and then make an informed choice.
5️⃣ It ensures transparency
The online process does not involve any intermediary. So, it gives you unbiased opinions and comparisons of policies, helping you make an informed decision without being influenced by anyone. Overall, an online comparison is a process that gives you all information without any filters.
6️⃣ It helps you choose from a pool of options
Life insurance has a huge number of products under its umbrella. You can thoroughly compare various policies online and choose one that suits your requirements and budget.
7️⃣ It gives you the option to customise your plan
One of the key benefits of comparing plans online is that it allows you to tailor your plan according to your needs and budget. You can select the features you want to customise including coverage amount, premium amount, policy duration, riders, etc., so you can get a product that fits your exact requirements.
8️⃣ It helps you make an informed decision
With a wide variety of life insurance policies available in the market, you might get confused about which plan to choose. So, comparing plans online allows you to find a plan that suits your needs and budget. You can assess the features, coverage, benefits, premium rate, etc. of various policies - thereby allowing you to make a knowledgeable decision.
Life insurance policies are a great way to secure your and your loved one’s future. As it is a long-term investment, you should thoroughly compare plans to choose the best one for yourself. So, before investing, take some time, and do proper research and comparison - to ensure your investment is worthwhile.