Life insurance purchases are generally hassle-free and do not involve any complex aspects. There are only some steps that have to be followed to complete the process. Getting suitable coverage has been important for any family in recent times, ensuring that everyone is financially safeguarded in case of the demise of the primary breadwinner or any earning member. Without further ado, let us look at the major steps to buy life insurance online in this article. 

How to Purchase Life Insurance Online? 

Here are the steps that you must follow in order to buy life insurance online. 

• What type of insurance do you require– A term policy offers pure coverage with comparatively lower premium rates, while universal or whole life plans are for your lifetime and may also help you build your savings in turn. Then, there are also ULIPs, child plans, and retirement plans offered by several insurers. Work out the type that suits your needs and financial goals first. 

• Can you afford the coverage/premium– You can compare premiums for a certain coverage amount across multiple insurers before deciding. Check whether you can afford your ideal coverage amount (calculate this after including future costs with inflation, debts, higher education and other costs while deducting your current assets). If not, then opt for a balanced coverage amount that you can easily afford to pay in terms of the premiums. 

• Features and conditions– Compare the features of various insurance plans along with their inclusions/exclusions and other terms and conditions across numerous insurance companies. 

• Select the premium type– What premium are you comfortable paying? Is it annual or half-yearly? Or alternatively, are you more comfortable with monthly or quarterly premiums? Whatever your choice, make it right away. 

• Tenure and riders– Choose the tenure for which you want your life insurance plan to cover you and your family. Thereafter, check the available riders and their costs, along with inclusions/exclusions, conditions, and overall coverage scope. 

• Apply with the insurance company– Once everything is finalised, apply to your preferred insurer on the official site. You can also do this on a third-party platform where you can compare multiple plans and insurance companies. 

•  Formalities and documentation– You will have to choose your coverage and tenure along with filling up the application form with all your details. Make sure you choose the nominee properly and also upload all supporting documents as asked for by the insurance company. In some cases, the insurance company may ask for a medical examination. 

• Payment and final steps– Once everything is done and your application is approved, you can pay the premium and complete the transaction. A copy of your policy will be delivered to you digitally and physically at your address if you wish. 

Signing off, it can be said that life insurance is non-negotiable for each and every family and individual. Hence, you should follow the above-mentioned steps to purchase insurance coverage without any hassles swiftly.