Three Things to Consider Before Buying a Term Insurance Plan

So your neighbour, Sharmaji, has recently brought a term plan online. His constant banter of the benefits that come along with a term insurance plan has intrigued your curiosity. After finally putting in the research, you realise and perceive value in nominal annual premiums and the substantial financial risk coverage it brings along with itself! After boarding the term insurance plan boat, you have finally decided to cast your insurance fishing stick in the ocean of term plans in the market!

We completely understand. Figuring out the what’s and the how’s of purchasing a term plan online can be quite nerve-wracking. Here’s a quick 3-step guide to ease your worries!

  • Chart Out Your Requirements

Consider your current lifestyle and family requirements. Assess the monetary needs of your dependents. It will give you a fair overview of your term plan coverage. This assessment is crucial because it gives you an insight into the adequate financial hive you build for your loved ones. Buying a term plan online today is easier than ever! Cover 360 can help.

  • Look Up Term Plan Riders

Term Plan riders are add-on or top-up policies that extend the coverage of your existing plans. It is advantageous when you want to avail additional coverage and benefits within nominal premiums. Accidental, Disability, Income Waiver riders are some examples of term plan riders. Do your research thoroughly and ascertain if you require a term plan rider in addition to a basic term plan.

  • Monitor The Metrics

Before buying a term plan from any insurance company or vendor, a thorough background check will help you mitigate troubles and will smoothen the claim process for your loved ones in your absence. A monetary lag and complicated claim process is the last thing to add to your family’s grieving period.

Avidly look at the company’s claim settlement ratio as this gives an insight into their claim process and reimbursement success rates. Additionally, one can also check out the solvency ratio of the company. This metric helps determine the payback capacity and financial strength of the insurance company. Watch out for these!

The world has occupied a dwelling spot on the internet today. Cut out the hassle of physically scouring for insurances and head over to Cover 360 to buy your ideal term plan online.

With snackable and accurate information, comparison and reviews under one roof, Cover 360 is here to assist you with your online term insurance journey. Check it out today!

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