Short Term Disability Insurance - Short term disability insurance is a type of insurance plan designed to compensate for the lost income due to a disability
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Qualified Policybazaar expert will assist you Generally, buying term insurance (or any other form of insurance for that matter) online has been considered to be a cumbersome and time-consuming process. So, even if people start understanding the necessity of buying life insurance, the long formalities may turn out to be a put-off and make you procrastinate.
Digitalization to the Rescue
We have entered the time where almost nothing is cumbersome and time-consuming anymore. Who should be credited for such convenience? Obviously, the world of the internet. There are many insurance companies in the UAE that have online websites where the policy seeker can browse, compare, and buy the best term insurance for expats as well as Emiratis.
Why Term Insurance?
Most individuals are attracted to term insurance plans online as they offer the most economical source of getting life coverage where they can enjoy a high coverage at a lower premium.
The Role of the Internet in the Insurance World
Earlier the internet was nothing more than an information provider. But now it has progressed to becoming a distribution medium for service providers such as insurance companies as well.
The world of internet offers an efficient, quick, transparent, and cost-effective delivery mode. Traditionally, the insurance providers used to rely on agents, brokers, and consultants, along with their in-house sales team. This used to be expensive as well as inefficient at times. It took time to sell policies and there was a burden of paying commission to the broker over the life of the insurance plan.
Going digital has helped the insurance provider in cutting down both- cost inefficiencies and time. The policy seekers can be engaged directly through the websites of the companies and the insurance policies can be sold seamlessly. Moreover, since there is no involvement of an agent or a broker, no commission is to be paid. This, in turn, makes insurance more affordable and the policyholders get a benefit of lower premium as compared to a similar policy when sold offline.
How can I Buy Term Plans Online?
Buying online term insurance is an easy and streamlined experience that will make you forget the traditional offline buying method.
Although the process of buying term insurance online may vary across different insurance providers, it most commonly involves the following procedure.
- Sign in to the official website of the company and click on the link or banner that says term insurance
- Type in the amount of sum assured
- Select the term of the policy
- Select the premium paying time
- Based on the inputs entered, you will get a premium amount
- Select your bank from the list to make the payment of your premium
- Next, an acknowledgment for the successful transaction will appear on your screen
- Generally, within a time period of 3 weeks generally, the insurance provider will get back to you with the information regarding your policy approval from the underwriting team
- If your policy is approved, the insurance company will send you a soft copy of your policy and a hard copy later.
A good online buying experience means lesser clicks and a good speed on the website. The lesser are the number of clicks for buying the insurance plan, the easier would be the process for the policy buyers.
A slow speed website that has a higher response time at the time of navigating to the website of the bank for the payment of the premium may become a turn off for the customer.
The bottom line is that buying term insurance has become easier, quicker, and more economical for the people with the insurance companies coming online. All you need to do is browse, compare, select, and buy and your family’s financial future is secured.
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