Whether you are in your early 20s who has recently joined a job in a Multi-national Company and living your life to the fullest, a man in your early 30s who has recently got married and started a new phase of life; life is uncertain for all of us. Besides, we all have a family that we love dearly and we want to do something for the family. Well, you can do a lot for your family when you are around but think of a situation when you are not there anymore and your family is going through a rough financial patch. None of us want to see our loved ones in such a situation, right? Therefore, you can get a term insurance plan that will be a big help to your family in case you pass away within the policy tenure.
Several companies are offering various types of term insurance plans. You can compare all of them and choose a term plan that suits your needs. You can also choose the tenure as per the size of your family. If the tenure is more, you usually get a better return. And you need to understand that the sooner you buy a term insurance plan, the better it is for your family as they will get better coverage. You also need to be very careful while choosing a nominee for the term plan. The nominee can be anybody from your family who is financially dependent on you and someone who you can trust of taking care of your family when you are not there.
Now the question is whether to buy term insurance online or offline. There are several life insurance companies these days that offer the online option. However, before you make up your mind, let us first discuss the difference and which one you should opt for.
Online term insurance
There are many companies these days that offer online term insurance plans. Now lets us try to figure out why online term insurance plans are opted for by people.
- Convenient:Finding convenience is a human tendency. We all love getting things done from the comfort of our home. And when it term insurance, it makes us feel even better as we can buy insurance while relaxing at home.
- Saves time:If you plan to go to an insurance company to get a term plan, you would need to spare at least half a day for the same. On the other hand, if you do it online, it will take you not more than 15 minutes.
- Compare the plans: You can compare various term life insurance online. You can take as much time as you want and compare as many plans as you want without anybody trying to convince you of a particular plan.
- Discounts:Many companies offer term insurance plans at a discounted rate when you buy them online. Therefore, you can look for term insurance companies that are ready to offer such plans at discounted rates.
- Reviews:You can actually go and check what people have to say about the reputation of the insurance company, online. Customer feedback for term plans online is easy to find and believing them is important.
Offline term insurance
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Like online term insurance, offline term insurance also comes with quite many advantages. Let us take a look at them.
- Hassle-free:When you go for an offline term insurance plan, you just have to submit the documents to the agent and everything will be taken care of by him/her.
- Higher value:Some companies offer higher returns on term insurance plans if you buy them offline.
- Illness coverage: Unlike online term insurance, many offline term insurance plans offer critical illness coverage and even accidental death benefit.
These points should help you get through your dilemma and make a sound decision. Both have their benefits but you must buy the one that is convenient for you. To get more ideas about term life insurance, you can visit the website of IIFL Insurance.