E-term policy is a type of term life insurance policy that is exclusively available online. It is designed to be affordable and provide coverage for a specific period, typically 10, 20, or 30 years. E-term policy is also known as simplified issue term life insurance, which means that the application process is streamlined, and medical exams are not required to obtain coverage.
E-term policy is an excellent choice for individuals who are looking for a quick and easy way to purchase life insurance coverage without the hassle of a traditional policy. It is an ideal solution for those who are in good health and require coverage for a specific period, such as those with young children, a mortgage, or other financial obligations.
The premiums for e-term policy are typically lower than traditional policies, as there are no commissions paid to sales agents. Instead, the company relies on technology to process applications, which saves time and money, allowing them to offer cheaper premiums.
It is important to note that e-term policies may have limitations, such as lower coverage amounts and higher premiums for older individuals or those with pre-existing conditions. It is crucial to research and compare policies to find the best fit for your needs.
In summary, e-term policy is a simplified and affordable option for obtaining life insurance coverage online. While it may not suit everyone, it is an accessible choice for those who are in good health and require coverage for a specific period.