FAQs 222 views November 24, 2018

One must consider buying term insurance at a young age considering the need to start financially securing your loved ones early and the availability of a sufficient life cover at low premiums. One may buy term insurance before turning 30 for a policy period of 35 years, which means that in the event of any untoward event during the term of the policy, the death benefits from the term insurance plan make up for the loss of income, thus, relieving your dependents from the immediate economic burden.

Deferring the idea of buying term insurance means that you have an alternative financial plan in place to get them out of financial inconvenience if a need arises. It is important that the life cover you choose is equal to 15 or 20 times your annual income to mar the effect of inflation, while also keeping your loved ones monetarily secure for a longer period. Moreover, the idea of ensuring that your family stays covered at inexpensive premium rates highlights the significance of term insurance and the ardent need to buy it.

Investing early means that the policyholder is less prone to lifestyle diseases or grievous illnesses associated with growing age. Lesser chances of the customer being subject to serious disorders invite lower premium amounts, thus, availing the same amount of life cover at much cheaper premium rates compared to term insurance bought at a later stage. Term insurance offers different premium payment options, be it a lump sum premium payment option or regular payment option, thus, making it a viable financial instrument. Moreover, for people with low-income levels, term insurance is a sure shot monetary instrument to keep their financially covered in the event of their sudden demise.

“Invest early to avail financial security at inexpensive rates” is the basic mantra that guides the buying and working of term insurance plans.