5 reasons why you should buy your term life insurance plan when you are young.
- Delay is not worth the risk
You may have thought of buying a term insurance, but have been putting off the decision for no reason. It’s there on your to-do list for a very long time but has still not been done. Well, this is not a smart thing to do – you are taking a huge risk. Having understood the risk of life, the time to cover it is now while you are young. Think of it this way- money in bank will not suffice for your dependents, we don’t live on safe roads, nor do we lead the healthiest of lifestyles. Buy your term insurance NOW.
- Term plans don’t cost much
Since the time online term plans were launched in India a few years back, their prices have been moving down and the benefits offered have been increasing. As an example, a 30 year non-smoker male seeking sum assured of Rs. 1 Crore over a policy term of 30 years can get covered for an annual premium as low as Rs. 8,200. That’s less than Rs. 700 per month. You might be spending more than that at a fast food joint in one single visit. Isn’t that remarkably affordable?
- It brings peace of mind
The feeling of having covered your life with a term insurance and thus protecting your dependents life goals can be quite liberating. You will feel a sense of relief and complete absence of all worries on account of future liabilities like settlement of home loan, car loan, children’s education and their marriage, and so on. A term insurance will take care of all of it. So buy your term insurance NOW.
- Premiums increase with age
The premiums of term insurance plans increase with age. The more you delay, the more expensive it gets. Go in for a term plan based on your current income. We recommend that you take a sum assured of about 15 to 20 times of your current income. As your income increases later on in life, look at taking more term plans. It is good to review your term insurance requirements say once every 5 years.
- The best gift you can give to your dependants
Whether they be your spouse and children or your parents, they will love the fact that you have got them covered for their life expenses. Your own sense of relief will add to the overall family confidence. So buy your term insurance NOW.
By Atul Pandey, Principal Officer, Bimadirect.