Term Insurance Plans

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Buy Term Life Insurance - When is The Right Time?

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Unfortunate circumstances, such as illnesses, accidents and death, always come uninvited and when you least expect them. Diseases and death are situations nobody wants to face but you will face them sometime in your long life. While you cannot prevent their occurrence, the least you can do is to ensure that your family’s needs are taken care of even when you are not around, and minimize their suffering. For example, if you build a house early in life, your family will have a home to live in for their whole life.

Similarly, there are many important things that you can take care of in life so that your family’s future is secure. In particular, you must take care of the financial matters so that even in case of losing the breadwinner, the family’s financial needs are taken care of. There are various tools to help you do this and insurance is one such instrument that you can use. Probably insurance was not a priority till now but the rising number of accidents and critical illnesses must make you sit up and take notice. Also, when the family will need money in lump sum during key milestones, such as college education, marriage, and so on, insurance will come to their rescue.

Why Term Life Insurance?

Term life insurance is one of the best kinds of life insurance in India as it is very cheap and useful. It covers you for a fixed period of time, generally for 5 years to 30 years, and provides the sum Assured to the Beneficiary in case of death of the insured. Prohibitive costs might have kept you away from going in for life insurance till today and it is here that Term Insurance comes to your rescue. It is easily affordable as there is no investment component to it, and the fixed term ensures that you have lump sum money in hand when you need it the most.

When to buy a Term Policy?

So, you may be wondering when to go in for a term insurance policy. Should it be towards the early years of your life when you start working and have a family, ten or twenty years after your children are born, or wait till you are above fifty? Though there is no best answer as every person’s and families’ needs are different, the ideal answer is, as early as possible, at an early age when you are in the finest state of health. This is because term insurance Premium typically increases as you grow older, when the chances of your falling ill also increase.

The premium of a term Policy that you buy today will in all probability cost you double the amount 10 years down the line. Also, you may be ill this time next year and may not even qualify for the policy. It will also be a good option to have more than one term policy, of varying durations. For example, you can have one policy for 10 years and another for 20 years. These two policies could then provide the necessary lump sum money you will need for your child’s education or marriage. Also, you can opt for an online term policy and further reduce the cost.

Therefore, don’t sit idle thinking that nothing will happen to you. There is always an element of Risk in life and none is immune from that. The earlier you take action and go in for term insurance, the more secure will be your family in case of an unfortunate situation.