All you Need to Know About Direct Term Insurance
Table of Contents
A term insurance plan provides the policyholder with life coverage for a specific time period. It is a formal agreement between the life assured and the insurance company, wherein in the event of early demise of the policyholder during the plan tenure, the specific amount is paid to the beneficiary.
What is Direct Term Life Insurance?
It is a type of term life insurance plan that offers coverage to the policyholder for a specific time period i.e. usually for 10 to 30 years. In the event of an unfortunate demise of a policyholder during the plan duration, your family members would get a cash payout depending upon the coverage amount that they have used to cover any short term or long term financial needs.
A direct term insurance plan is referred to by various names in the insurance industry like direct life insurance, online consumer insurance, term insurance online, direct-to-consumer life insurance, and DTC life insurance. It is significant to know various names of a term life insurance if you wish to buy a plan without the help of any agent as it is used by various names in the market.
Advantages of Direct Term Life Insurance
Direct term life insurance plan provides the policyholder and their family members with financial protection and peace of mind for the specific time without facing any hurdles that can come at the time of purchasing insurance. Some of the benefits of Direct Term Life Plan are listed below:
1. Speed
With a direct term plan, one is not required to wait for any kind of appointment with the insurance agent. The online research process and online processing are upfront and quite speedy. At the time of filing an application through online mode, the policyholder needs to answer a few questions on the application form and the insurance providers list would show up. Once you have decided on the insurance provider, apply online and you would start receiving coverage instantly.
2. Convenient
Convenience is one of the major benefits offered under a direct term life insurance plan. Buying it online means one can shop it from anywhere at any time as per their convenience. A policy buyer can search for an ideal plan with terms and conditions that suits them and their loved ones.
3. No Medical Test Plans
One of the main reasons why policy buyers opt for this kind of insurance plan is because many insurance providers offer it without the need of any medical examination. Many insurance providers would ask the policy buyer health related questions to ensure that they are offering coverage to you with the right insurance plan.
Why You Must Opt for a Direct Term Life Insurance Plan?
You must opt for a Direct Term Life Insurance Plan for the following reasons:
- No need to deal with the agent while buying the plan.
- Instant updates of your insurance plan status.
- You can apply for the life insurance plan at your own pace.
If the fast approval or speed of insurance policy holds any significance to you, then buying a life insurance cover with the insurance provider directly would be a wise decision for you.
Also read - How Much Term Life Insurance Can I Get Without a Medical Exam?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
