I have been screaming that term insurance is best bought:
a. Cheap and therefore b. Online.
However the online way of buying is good ONLY for the consumer. Nobody, repeat nobody is interested in this except the consumer. So there is almost a big mafia working against YOU trying to buy TERM insurance, and that too ONLINE.
So they will tell you the following things to dissuade you from buying TERM and that too ONLINE:
If you meet a company rep they will tell you the following:
1. Sir Life Insurance is best bought AFTER doing medical tests, etc. if you buy it online, they may not pay you the claim.
2. Sir If you buy a plan online and you have problems with that, who will you turn to? the internet?
3. Sir H has a better claim settlement ration than ‘A, B or C….’…
Let us break these 3 myths:
a. YOU are generally ONLY contacting the life insurance company by email. After that the company’s representative will get in touch with you, take your medical records, ensure that you go through your medical exam…..and ONLY THEN issue the policy. So telling you all this is just to distract your attention. It also helps in the famous way :”If you cannot sell, confuse”.
b. No support: “If you buy online, and you need some help – like needing a duplicate’. Believe me even if you buy from/ through an agent or a bank you are in the same boat. The clients of Hsbc bank are being told “Sir we are no longer agents of “Tata-AiG life insurance ” so please contact the company. Unless they are connected entities…you will have to fend for yourself. This is not easy anyway. If you buy from an agent, well, he could die BEFORE you or just give up the business….then what do you do?
3. H has better claim payout ratio than A, B, C………………makes no sense in a country where the data accuracy is pretty pathetic.
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