Term Insurance 886 views December 31, 2019

Best Term Insurance Plan For 40 Years Old

Term insurance is one of the best ways in which a person can cover his or her life. Term insurance is wholesome and affordable. It is said that the earlier in life the plan is bought, the better it is. This is because a youngster who is single and healthy gets the plan at a lower rate as compared to an older person who has health issues and has many responsibilities towards his family as well. This is why people in their 20s invest in term insurance. But if you have not bought term insurance in your 20s and 30s and now are 40 years old, do not worry. You still can get term insurance and the best term insurance plan for 40 years old people are excellent. In fact, there is not one, but many excellent options available here. Take a look at this article to know more.

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The best term insurance plan for 40 years old

  1. Anmol Jeevan II from LIC
  2. Click2Protect from HDFC Life
  3. e-Protect from Bharti AXA
  4. i-Protect Option from ICICI Prudential
  5. e-Shield from SBI Life

Advantages of buying term insurance at 40 years

While it is good to buy term insurance as early on in life as possible, there are some benefits you get when you buy a cover at age 40. Let us see what they are:

  1. Still available  
    The term insurance plans are easily issued to people who are 40 years old. It is a good time to buy term insurance because after this, getting the cover becomes difficult. Not many insurance companies are keen to issue their term life insurance policies to people who are 50 or 60 years old.
  2. Relatively inexpensive 
    At 40, you will find the term insurance plans at affordable rates, as compared to when you are 50 or 60 years old. Also, at such a point in life, you must be financially settled and doing well in your career. This would make it easy for you to buy and maintain the best term insurance plan for 40 years old people.
  3. High coverage 
    Most of the term insurance plans offer high cover, in excess of Rs 1 crore. When you buy a good term insurance policy, your life remains insured and your loved ones remain financially protected.
  4. Option to add riders
    You can add riders to your term insurance plan to make it tailor-made for your needs. Opt for the good riders such as the accidental death benefit rider or the critical illness rider, among others. You will have a comprehensive term life insurance coverage thereafter.
  5. Tax benefit
    Whether you buy term insurance at age 20 or age 40, the tax benefit will be available to you. You can claim an income tax rebate of up to Rs 1.5 lacs a year for the term insurance premiums you pay.

With so many options working in their favour, the best term insurance plan for 40 years old people are much in demand. When are you getting yours?

Tips to get a better cover

As mentioned above, most of the term insurance plans are available to people of 40 years of age. However, at this stage in your life, you may have certain health problems. This can prevent the insurer from giving you the term life cover. To ensure you get the best term insurance plan for 40-year-olds, you need to keep the following in mind:

  1. Stay fit 
    The best way to ensure you find term insurance without any problems is to stay fit. The insurer will easily approve your application if you do not have any pre-existing health conditions. Work on your health and stay healthy to get term insurance without any issues.
  2. Improve your lifestyle 
    If you are a smoker, try to quit. Also, start exercising more and get proper sleep. Once you have a healthy lifestyle, your term insurance plan will get cheaper and easier to find. This is a very straightforward, but extremely important point to keep in mind when it comes to buying term insurance.
  3. Be financially stable 
    And finally, be financially stable. If you have a good income, the insurer will be satisfied and assured that you can pay the term insurance premiums on time. This will bring the term cover closer to you at a much faster pace. Show your income when applying for term insurance and you will get the best term insurance plan for 40-year-old instantly.

If you have positive responses to the points mentioned above, your term insurance cover will be issued without any hassles whatsoever.

In conclusion

No matter how old you are, you need to have a good term life insurance cover. If you are 40 and living without term insurance, get a plan right away. You will have many options to choose from so go ahead and get the best term insurance plan for 40 years old today.

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