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Most advisors suggest that decision to take life insurance should be taken early in life. So, if you have liabilities like loans etc. to be repaid or you have dependents, be it your spouse and kids or your parents, a good life insurance Policy should ideally be the first thing on your priority list.
For buying life insurance, you need to fill up a medical questioner about your health, family health history and any accidents or illnesses that you may have had in past. You also have to undergo a medical examination. Generally termed as medical underwriting, it is an important factor in determining your life insurance premium. This is because insurance is based on risk. Young in age, you are healthier, medical Risk to life is considerably low. This allows you better chances of reduced premiums.
As you grow, risk to life grows, and there are more chances of acquiring lifestyle related illnesses. If you have a family history of certain diseases, there are more chances of you getting those at a later age. Keeping that in mind, even for a healthy person, the Premium of insurance is set higher in upper age brackets by the insurance company. Insurance companies take into account this risk while calculating the premium.
At a young age, when you are just starting off in life and career, you have financial burden of setting up your home; you have just bought a new house you are expecting added expenditure for the child’s education. Debts and liabilities are maximum at this stage. Although buying life insurance adds to this financial burden, it protects you and your family from future discomforts in case of an eventuality.
You are young, you don’t have any serious health risks and you can take good care of your liabilities but in case of sudden unexpected death, all your debts and liabilities are passed on to your dependents who are least prepared to handle them. With a life insurance policy in place, you will have peace of mind for responsibilities well taken care of.
By buying life insurance early in life, you are securing the life of your dependents. Moreover when you buy life cover early, you can avail maximum Age Limit available for the Coverage at much lower rates. Buying life insurance early will cover your life for the most crucial part. Though when the policy Term expires, buying new policy may become very expensive. At the same time, you may have met all your requirements by then and not need that much cover.
The only apparent drawback for taking early insurance is the financial pressure that you may feel along with other pressing financial requirement. Consider this as important as other investments and requirements as this the only thing that is going to protect your family in your absence.