How To Financial Protect Yourself With Term Insurance Amidst Rising Covid-19 Fear?

Purchasing a term insurance plan becomes crucial if you have financial dependents and obligations to meet, especially in these exceptional times. The primary reason for term insurance's enormous popularity is the way it protects your family members in the event of your untimely death. In a term insurance plan, you pay a little premium for a certain length of time in exchange for a big cover amount known as the sum insured. If the policyholder dies within the policy term, the financial dependents receive the entire cover amount as a payout, which can be used to cover everyday living expenses as well as major one-time expenses such as a child's education. Let’s learn about some tips to purchase term insurance in detail. 

How To Financial Protect Yourself With Term Insurance Amidst Rising Covid-19 Fear?

Here are certain tips for purchasing a term insurance plan amidst Covid-19. 

• Compare Different Policies 

While purchasing an insurance plan online, you should compare the various plans given by various insurance providers. This not only helps in obtaining the best plan but also in obtaining it at a reasonable price. According to experts, comparing different insurance plans can also help you expand your understanding of insurance plans and learn about new features or coverage that are offered in the market.

• Get Low Premiums 

For the same amount of coverage/sum assured, term insurance rates are significantly lower than any other type of insurance like endowment plan, whole life term insurance plan, unit-linked insurance plan etc. These premiums for your term plan are completely determined by your age, gender, smoking habits, and health conditions.

Must read: Avoid These Crucial Mistakes Before Purchasing a Term Insurance Plan    

• Buy Online

People have shifted to online buying of nearly everything these days to avoid touch, preserve social distancing standards, and contain the spread of fatal coronavirus. Customers can also purchase term insurance online, and in many cases, online term insurance plans are less expensive than offline ones.

• Complete Your KYC Through a Telemedical Process

You can simply purchase a term plan through a telemedical method in which a doctor speaks with you over the phone and asks you a series of health-related questions instead of doing physical medical exams. All you have to do is provide the insurer with a soft copy of your KYC and income documents and make the payment online. Once the payment is received, and the telemedical/medical process is done, the proposal is sent to the insurer for verification and underwriting, and if everything checks out, the policy is issued.

Take Away

Nobody can possibly know what will happen in the future. A term life insurance policy is the finest protection you can give your loved ones in the event of an unfortunate accident, such as a coronavirus pandemic or other ill-fated incident that may occur without warning.

Also read: 

Term Insurance and How It Works in India

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.