September 30, 2022

The thought of being no more could be scary, but what’s even scarier is leaving your loved ones scrambling for money in your absence. But thanks to the abundance of information available online, most of us understand the importance of term life insurance, which could prevent such a situation.

Even then, many are confused about what is the best time to buy a term life insurance. Let’s look at how they are important for each age group.

Term insurance for people in their 20s

20s is when most people start their career. There could a financial freedom that you are experiencing for the first time and your responsibilities could be very little comparatively. Unfortunately, this makes a lot of people not consider buying a term life insurance in their 20s.

But in fact, 20s are considered by many to the best time to buy a term insurance. As far insurance companies are concerned, you are in your prime health and the risk is comparatively low. This makes the premiums lower and policies more flexible.

If you use an online term insurance plan calculator, you will see that a 25-year-old female can be insured for Rs. 1 crore till the age of 75 for a price of Rs.575 a month. The price is Rs.676 a month for a male.

Term insurance for people in their 30s

30s is the time where you get the second-best life insurance premium prices. In general, people are still healthy at their 30s and risk is comparatively still lower.

If you didn’t get insured in your 20s, 30s is a time that you should consider.

30s is when you could have more dependents. Your parents might be retired, and you might need to take care of them. You might have a family and children and they might also depend on your income.

Moreover, 30s is the time when a lot of people take home loans and you wouldn’t want to leave your loved ones stranded with that much liability.

These all make it very important to get insured at your 30s.

If you use an online term insurance plan calculator, you will see that if you are a 35-year-old female, a coverage of Rs. 1 crore till the age of 75 will cost Rs.1041 per month or more. For a 35-year-old male, the same will cost more than Rs.1081 per month.

Term insurance for people in their 40s

40s is when life insurance becomes an absolute necessity. You might have debts and liabilities and you might need to protect your children from a risk of you leaving this liability on them.

If you have children at this stage, you will need to make sure they get proper education and an easier life financially, even if, unfortunately, you are not there.

It is a stage when term insurance could get more and more expensive as well. So, if you are in your 40s and still don’t have a term insurance, it is highly advisable you get one soon enough.

If you use an online term insurance plan calculator, it will tell you that if you are a 45-year-old female, it could cost you around Rs. 1715 per month or more to get an insurance coverage of Rs. 1 crore till the age of 75. If you are a male, the cost would be Rs.1846 or more.

Term insurance for people in their 50s and above

If you are past your 50s, term insurance is only going to get costlier and costlier. At this stage, you are going to retire, and your next generation could be slowly becoming independent. You wouldn’t want to leave them stranded if something happens to you.

Term insurance age limit is 65 and if you are at you 50s and still don’t have a term insurance, it’s suggested that you get one as soon as possible.

What is the best time to buy term insurance?

If you don’t have a term life insurance yet, the best time to buy one is now, doesn’t matter your age. Term insurance age limit is now 65 and you don’t want to wait till that, especially when buying one is easy and affordable. Go to an insurance service provider and get insured today!

Steve Campbell

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