When it comes to buying an insurance policy, many people are sceptical about it. And the apprehension increases when it comes to purchasing the policy online. This is because they have misconceptions. In this write-up, we discuss the most common myths about buying life insurance online and the facts behind them.
Myth
The process of buying term insurance online is complex
Fact
Today, most reputed insurance companies offer online services, and they have an interactive and user-friendly website. Irrespective of whether you are a first-time buyer or not, you would not face any difficulty completing the purchase process.
If you have all the necessary information handy, filling up the application form online takes less than 10 minutes. Also, when you buy term insurance online, you can log into the insurance company’s website, compare different plans, get a free quote, and make an informed buying decision.
Myth
The claim settlement process for online policies is difficult
Fact
This is probably one of the most common misconceptions people have about buying term insurance online. However, the truth is whether you buy the plan online or offline, the claim process remains the same.
The insurance companies offer different touchpoints through which you can inform them about the claim; you need not rely on any intermediary or an agent for it.
Myth
You need to have technical knowledge or be tech-savvy to buy insurance online.
Fact
You need not have any technical knowledge, but you must have basic knowledge of using the computer and browsing through different websites. Most insurance websites are self-explanatory and have simple instructions that would help you fill the form, upload the documents, and make payments.
If you still feel confused or have doubts, you can browse through the FAQs section of the website to understand the process. Also, you can contact customer support through chat, e-mail, or phone.
Myth
When you buy term insurance online, you have limited options.
Fact
The online platforms give you the freedom to check various plans from different insurance companies and choose the one that best suits your needs. You can easily compare the different features of the plans; you cannot find this facility when you buy term insurance offline.
Myth
Buying insurance online is unsafe
Fact
Today, insurance companies take the security of their customers very seriously, and they use a robust information security system to keep all your personal information safe and confidential. Also, the insurance companies regularly update their security policies and measures to maintain a high level of security.
Myth
Buying a term plan is expensive
Fact
Buying a policy online is cheaper as you need not pay any fees to the agents or intermediaries. Also, since online purchase requires minimal administration expense, the insurance companies extend the benefit to the policy buyers by offering them a discount on the premium.
Final Word
Now that you know the myths and facts about buying insurance online make sure that you do your due diligence before purchasing the plan and making an informed buying decision.
