4 ways to identify the best online term insurance plan

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4 ways to identify the best online term insurance
plan
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How to buy term life insurance online?

• Life insurance is about offering financial
  security to your dependents in your absence.
  While many individuals appreciate the need for
  life cover, the process of identifying the ideal
  plan can be a difficult decision.

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• Term plans are a must-have
• Thanks to term plans, life insurance is no longer
  about paying expensive premiums for several
  years. On the contrary, term plans offer the
  most affordable life cover option. This makes
  term plans a fit in just about every individuals
  insurance portfolio.
• But how does an individual select the ideal term
  plan?
• Browsing through company brochures, meeting
  insurance agents, comparing premiums across term
  plans can be time-consuming.
• Thankfully, there is the Internet

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• With more and more companies going online, buying
  life insurance is no longer as time-consuming.
  The Internet is now more than just an information
  powerhouse. It is a critical distribution channel
  for life insurance companies, thanks to a fast,
  efficient and cost-effective delivery mechanism.
• Insurance companies now reassign their employees
  to other Channels apart from the frontline sales.
  The Internet has started contributing
  substantially to insurance distribution. As a
  result, the insurers are enjoying significant
  cost savings.

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• 1 Does the company have a name worth trusting?
• The first test ironically is not so much about
  the online term plan as much as the insurance
  company behind it.
• The standing of the company launching the product
  is important for just about any service and
  product but more so when it comes to life
  insurance.
• The name of the company behind the life insurance
  plan must evoke trust and confidence, with a
  standing in the financial services segment.
• A good track-record backed by sound fundamentals
  is critical. Investors can get some idea of this
  by reviewing the credit rating of the company.

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2 Does the company reward you for good health?

• The key Best Term Insurance Plan is rooted in low
  premium.
• Many insurers go a step further by slashing
  premiums for specific cases like non-smokers.
• Also healthy individuals, as defined by insurers,
  can avail of the term plan without time-consuming
  medical tests.

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Go for maximum sum assured

• Low premiums on term plans can help you go for a
  higher sum assured. While comparing term plans
  over sum assured, identify the ones at the higher
  end of the range.
• Term plans are most useful when bought earlier on
  for a relatively larger sum assured.
• Also check if the insurer offers Joint Life
  Cover. As the name suggests, this type of term
  plan offers the opportunity to cover oneself
  along with spouse under one contract, which
  results in a comprehensive protection plan with
  multiple benefits for you and your spouse.

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Look for maximum tenure

• Another feature that will stand you in good stead
  is the tenure of policy. This is the period over
  which the insurance company offers life cover.
• While comparing term plans, those with higher
  tenures are preferable since your cover is
  available for a longer period giving your family
  better financial security.
• Buying term insurance online is very convenient
  for individuals. All you need is to evaluate them
  objectively on more important parameters.
• This way you ensure you have the best term plan
  without leaving the confines of your house

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