Graduating, getting a job, starting to manage your own finances, and securing your future are all the stepping stones one sets out to achieve in their 20s. By the time you’re 30, you have likely achieved some financial stability. But, the ‘what if’ factor never leaves the mind, does it?
Getting term life insurance can be a demanding decision, which requires a lot of research and consideration. Unlike life insurance, term insurance also provides holistic financial protection to your family when you’re not around. And there is no better time to get one than in your 30s. Wondering why? Let’s find out.
The 30s are the golden age of investing. By the time you’re 30, you’re most likely thinking of starting a family, buying a house, and investing in other things. Having so many things to accomplish, it is only fair to go for an insurance policy that provides a multitude of benefits and covers most of your financial planning.
While pension plans, life insurance, and mutual funds are a good way to save some money for after you retire, term life insurance helps you take care of the larger picture – Death.
Term life insurance helps you cover up loans, provide financial stability to your family, take care of kids’ tuition, and much more after you’re gone. And the best part about getting term life insurance in your 30s is that it costs significantly less than most of the life insurance products in the market. You will pay as low as 2% of your annual income in premiums for term life insurance and get coverage that is almost 20 times the income when you sign up for the policy!
Here are some more reasons why buying term life insurance in your 30s is the smartest decision you can make:
The premiums for term insurance rise with your age. To put it in perspective, the premiums for buying a term insurance policy can cost as low as 500 INR per month with coverage of as much as 1 crore rupees. However, the same policy’s premiums can cost you over 1500 INR per month in your 40s.
With a health or insurance policy, the premiums you pay generally increase every year. However, term life insurance has fixed premiums throughout the policy’s tenure. So, another advantage of the first point is that you lock a lower premium amount of term insurance for its entire duration if you buy it in your 30s.
Life can throw a curveball at anyone at any time. However, having this element of uncertainty can be countered with having a secure financial plan at hand. And term life insurance is one of the best ways to go with it. The peace of mind that comes with having a term life insurance is unparalleled, and getting one in your 30s is the smartest choice you can make.