Owning life insurance is one of the ways to take care of your family after your death. The process of buying life insurance has been made even easier through the introduction of online services. However, the existence of online and offline purchase of life insurance may lead to confusion on what purchase method to use. To clarify this confusion, we have examined the advantages and disadvantages of both methods of buying insurance. This is to help you decide on how to purchase your life insurance policy.
Advantages of buying life insurance policies online
- Life insurance plans are cheaper when purchased online.
- Life insurance is convenient and faster to buy online.
- Most life insurance providers now have dedicated customer care and support teams to assist you at any time.
- Insurance policies purchased online usually come with a higher assured sum.
- You can easily compare the prices and benefits of life insurance providers online.
- Customers can file life insurance claims online.
Disadvantages of buying life insurance online
• Insurance policies purchased online do not have the options available for offline purchases.
• Without an insurance agent, there is a risk of purchasing an insurance policy you do not understand fully.
Here are the advantages and disadvantages of buying a life insurance policy offline:
Advantages of buying life insurance policies offline
- Life insurance agents are available to explain policies and how they work to you.
- Purchase of life insurance policies offline protects you from online scams.
- By purchasing life insurance offline, other insurance options such as purchasing critical illness coverage or accidental death benefits are available.
Disadvantages of purchasing life insurance policies offline
- Life insurance costs more due to the involvement of insurance agents.
- The process of purchasing life insurance offline is tedious.
After examining the advantages and disadvantages of purchasing life insurance online and offline, it is arguable that online purchase of life insurance is the better option. However, if you are not convinced, you can consult your financial advisor about how and where you can buy your life insurance policy.