Published on September 29th, 2020 | by Sunit Nandi0
Buying a Life Insurance Policy? Keep This in Mind
Safeguarding your family’s future is probably the most important thing. The reason we all work for day and night is our family. You often look for investments that will serve as a corpus for their future dreams and plans. The one investment that should be in every financial portfolio is life insurance.
Accidents and uncertain health ailments indicate how fragile and unpredictable life is. This is why it is crucial to leave enough funds for your loved ones in case something is to happen to you. Buying online insurance is one of the best ways to secure your family against the contingencies of life.
Many types of insurance policies are available in the market today. While looking for life insurance, you may wonder if buying online insurance is better than buying it through offline mode.
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Benefits of Life Insurance
Life insurance should be a critical part of your family financial strategy. It guarantees financial security for your family in your absence. Basically, it refers to an agreement between the insurance provider and the policyholder that the company will provide for the family’s expenses in return for continuous premium payments. Buying an online insurance policy helps ensure a secure financial future after you pass away.
Read on to know about various benefits of a comprehensive life insurance policy:
1. Paying Off Debt
What if you have a few debts like credit card bills, car/home loans etc. ? Will your family be able to manage the financial situation after your demise? It is a worry most people have as life is uncertain. Instead of worrying and stressing about the future, the best thing is to invest in online insurance that will lessen your burden.
A life insurance policy will help your loved ones pay off any debt leftover after your sudden demise.
2. Replacing Lost Income
After the unfortunate death of a sole breadwinner, it becomes a challenge for the dependents to continue their lifestyle and fulfil their needs. That is why life insurance is a saviour for times of crisis. Investing in an online insurance policy today will secure your family’s tomorrow.
Life insurance acts as a safety net and replaces your income by the sum assured in case of unfortunate demise. It is a protective cover every family must have in today’s time.
3. Cover for Medical Expenses
There are many options available in the online insurance market. A term life insurance offers a critical illness benefit that helps you avail quality treatment against life-threatening diseases like cancer, heart attack, stroke and more. So, you do not have to worry about the rising healthcare rates and lack of funds at the time of emergency.
4. Tax Benefits
As the head of a family, you continuously look for a way to save on taxes. Life insurance is also a great tax-saving tool as the premium paid is tax-deductible under Section 80C of the Income Tax Act. All in all, investing in online insurance can be of great benefit to your entire financial portfolio.
5. Promotes Saving
Humans have a constant need to spend on unnecessary things just out of habit. With the expansion of online market, many people end up shopping for more than they need. Buying an online insurance policy will instill a habit of saving in the form of premiums. You will only spend on essentials and save the rest for premium payments.
6. Peace of Mind
Along with all the above benefits, an essential advantage that a life insurance policy provides is peace of mind. You will lead a stress-free life, knowing that your family will be taken care of in your absence.
Why Buy Online Insurance?
Let us discuss the reasons why buying online insurance plans is better than buying them from offline mode.
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Today, almost all insurance providers have gone online. The premiums are much more affordable than buying it from a salesperson. It is because, in online insurance, there is no mediator involved. You are directly in contact with the insurance company, which makes the premium cheaper. The absence of insurance agents leads to much more affordable coverage.
2. Easy Comparison
With a plethora of online insurance plans available, you can easily browse through the options available, compare features and premium rates to choose the best possible policy.
Online insurance plans skip the steps of talking to an insurance agent face to face and arguing over prices. In online insurance, you can directly get the policy quotations in seconds and finalise the deal without much hassle.
While buying online insurance plans, make sure to check the reputation of the insurer you choose. Online term insurance from reliable insurers like Max Life Insurance is designed to protect your loved ones financially after your demise. They also offer several riders, including the accidental death benefit, critical illness cover and disability cover.
So, make a smart and well-informed decision for maximum benefits from online insurance.