How to Get the Best Term Insurance Quotes?
Without any doubt, the death of a family member can hit you emotionally and if he/she is the sole breadwinner of the family then it can be even more traumatic since it may also cause financial turmoil in the family.
In order to make sure that your loved ones don’t have to go through any financial distress in your absence, you must opt for a term insurance plan.
A term plan is basically a type of life insurance policy that offers financial protection to your family in an event of your premature death. In short, the beneficiary receives the sum assured as a death benefit upon the untimely demise of the policyholder during the tenure of the policy. A term plan offers comprehensive coverage at lower premiums which is why it has been considered as the most affordable life insurance policy. In this manner, it will help your loved ones to settle loans and clear all the bills in your absence without taking any financial burden.
How to Get an Apt Term Life Insurance Policy
The market is flooded with a plenty of term life insurance plans which is offered by the different life insurance companies in the UAE. This endless list makes it difficult for a policy seeker to opt for an apt term insurance plan that will be suited for her/him the most. Not just choosing a reliable life insurance provider, policy seekers may also have to zero down a term insurance plan from a broad range of term insurance plans that are being provided by the same company. Since each term plan comes with different policy terms, the sum assured amounts, and different features. In such situations, opting for the best policy is indeed a difficult task.
So, if you want to get the best term insurance quotes then compare term insurance policies. The online term insurance comparison tool just removes all the guess work. Also, it enables you to opt for the best term plan at an affordable premium.
Following are the key factors that you should consider while comparing term insurance plans:
- Term Plan Features: Make sure you always go through the key features and benefits of the term plan offered by the company while you compare term insurance policies online. And look whether the term plan that you wish to buy provides flexibility to select the tenor of your choice or not. Also, check the sum assured amount and some inbuilt features such as accidental death benefit, critical/terminal illnesses, and the premium payment modes.
- Premium Against Life Cover Size: Every policy seeker wants to be cover adequately. So, make sure you compare the premiums for the life cover size offered by the insurer. It should be ideally enough to cover all of your loans/outstanding debts an also it can help your loved ones to meet all of their financial requirements even in your absence. However, the premium must be affordable too for the cover you choose so that you can pay without taking any financial burden.
- Claim Settlement Ratio (CSR): CSR of the life insurance company depicts the ratio of total claims that are resolved or settled by the life insurance company against the claim that has been raised. Higher the CSR, more are the chances of your insurance claim getting resolved by the insurance provider in the future. Because life insurance companies with a decent claim settlement ratio are often seen as more authentic and reliable. Thus, keep this point in your mind while you compare term insurance
- Additional Riders: Riders are basically the add-ons that enhance the basic term plan. You can opt for riders by paying an extra cost. Before opting for a term life insurance policy, make sure you compare the additional riders provided by the different life insurance companies. Some of the main riders that one should add to his/her term insurance plan are accidental death rider, critical illness rider, waiver of premium, etc. However, you should purchase them as per your insurance needs.
- Term Insurance Provider’s Reliability: Before you opt for a term plan, it is advisable to take a look at the company’s current reputation in the market. It is very imperative because the term plan is indeed a long term investment and as an insured, you should not have to face any kind of problem if the company meets with any financial difficulties or it shuts down. So, don’t forget to compare term insurance on the basis of the company’s reliability and financial stability as this will help you to choose the right insurance provider.
The Bottom Line
So, compare term insurance policies based on their features, benefits, sum assured, claim settlement ratio to make a well-informed decision.