Term insurance is the most affordable form of insurance, which helps secure family’s future and takes care of family finances on an untimely demise.
As an earning member, you have to shoulder a huge burden like taking care of dependent parents, education expenses of children, and other day-to-day expenses as well as save money for future needs.
Term insurance helps avail high insurance cover at affordable premiums. It stabilizes family’s finances in your absence.
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This is a very crucial stage in your life. At the age of 20, a transition takes place and people enter the professional world, leaving academic life behind. When you enter the professional World, you enjoy the freedom to make your own decisions.
This is the time when you can utilize your salary in whichever way you want, as you have fewer liabilities at this age. So, you can purchase a term insurance plan early in life to keep the risk factor low and support your parents in case of any eventuality.
Buying term insurance at an early age helps develop the saving habit and avail the term insurance at much lower premiums. This is because at this age, the buyer is healthy and has less medical problems or chronic diseases.
At this age, you can avail term insurance cover of Rs 50 lakhs, with a monthly insurance premium of just Rs 315.
This is the phase when most professionals get married and begin their family life. This is the time when people worry on securing their loved ones with an insurance plan.
Buying an insurance cover at this age, helps secure the financial future of your family. Most of the people at this age are occupied with parenting responsibilities, as well as repaying loans like a personal loan or car loans or with other short-term commitments.
However, a family means increased lifestyle expenditure and investments for child’s future. This is the perfect time to buy term life insurance as it helps secure your loved ones financially, when you are not around. You can also opt for the income replacement plan at this age, as the premiums are low and helps your family receive a monthly income in the absence of the breadwinner of the family.
At this age, people are generally occupied with long-term commitments like home loans, retirement planning, higher education of children, taking care of dependent parents and so on. Death of the breadwinner in an accident or due to disease can leave the family with no financial support. To avoid this scenario, you must avail high insurance cover, which is enough to pay off your financial liabilities, as well as take care of your dependents.
See Also: What is a Term Insurance Plan?
A good financial corpus helps fund your child’s education as well as takes care of dependent parents. If you do not have a term life insurance plan till this age, then hurry up and avail term insurance, immediately.
Once you cross the age of 50, your insurer is sure to charge a hefty premium on term life insurance plan. Buying a term life plan at this age can lead to high annual premiums (almost double than what a 40-year old pays). But it is advisable that you avail a term life plan, if you are the sole earning member of the family.
See Also: Best Term Insurance Plans In India
You can avail term insurance even after retirement. Some insurers offer cover up to the age of 75 years. At this age term life cover is not necessary, as all liabilities are met, and you have children who manage their own finances. Access financial needs and avail term insurance as the last option.
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