Buying Life Insurance, Online versus Offline: Is online a better option?

February 24, 2020

Buying Life Insurance, Online versus Offline: Is online a better option?

Are you planning to purchase life insurance? While people are increasingly buying insurance policies online, many others still prefer the traditional offline method of purchasing an insurance policy through an agent. What should you consider between online and offline life insurance purchase? Read this post to find out.

With the internet now being the go-to option for a range of our day-to-day activities, should people buy life insurance online too? Or the traditional offline method where you purchase a policy through an insurance agent a better option? While every individual is entitled to his/her opinion, an increasing number of people now prefer the online method.

The rising popularity of online life insurance is majorly due to the unavoidable benefits that the digital world offers over the offline method. Here is a list of some of the top benefits that you can avail by purchasing life insurance online:

  • Cheaper policies

If this is the first time that you are purchasing insurance, you should know that insurance agents get a certain percentage as a commission from the premium you pay for offline policies. It makes the policy premium more expensive. Online insurance eliminates insurance agents and their commissions.

With no commission being paid to an agent, online life insurance is generally known to be cheaper than offline policies. As the insurance providers are not required to pay any commission for policies sold online, they pass on the savings to the customers in the form of cheaper premiums.

  • Complete transparency

With so many insurers offering so many types of life insurance policies, it can be challenging for an individual to make the decision. As a result, most people then have to rely on the limited options offered by the insurance agent.

But with online platforms, you can easily compare all the policies from all the top insurers. You can visit the website of the insurer and understand the different policies in detail before you buy life insurance. You have complete transparency along with the means to easily compare multiple policies and select the best as per your requirements.

  • Purchase what suits you best

For insurance agents, the commission is always the driving force for making a sale. Due to this, they have the reputation of promoting policies or insurers that provide them with the highest commission. The interest or needs of the customer often takes a backseat in the process.

But when you are browsing for life insurance policies online, there is no one to push you towards a particular policy or insurer. You are free to select an insurer or policy that best meets your life insurance needs.

  • Enhanced flexibility

Overall, online insurance is also known to be more flexible as compared to the offline method. With offline insurance, you are required to fix a meeting with an agent and take time off your busy schedule to discuss your insurance requirements.

But with online platforms, you can browse, compare and buy a policy any time of the day or night.

Ready to purchase life insurance?

There are several benefits of buying life insurance online. You will not only get cheaper policies and enhanced flexibility, but complete freedom to compare policies and select one that suits you best.

Moreover, in case you’d like to know more about a policy, you can also get in touch with the insurer and ask them to assign one of their insurance advisors. The advisor will then visit you to help you understand the policy better and make an informed decision.

Customers can apply for Life Insurance, here.

Non-Customers can apply for Life Insurance, here.

 

 

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