Online term plans only appear too good

Wednesday 21, December, 2011 Despite scepticism on their financial prudence, they are not a threat to costumers. The slew of online term insurance plans launched by various industry players is certainly evoking awareness among prospects and interest among the financial planning community. While term plans were already touted as the best solution for one's insurance requirements, online term plans are that much more preferable, considering the (nearly unbelievably) low premia they charge. However, for every five enthusiasts, there is one Doubting Thomas who believes that if something looks too good to be true, it probably isn't. According to them, the main reasons for such scepticism are: In their quest for market share, companies are sacrificing financial prudence. This race to the bottom may help them increase the number of customers but the nominees of these customers will encounter problems while making a claim, as companies will pull every trick out of the book to deny claims.

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