Buying a life insurance is vital but buying it at the right age is even more important. No one knows what the future holds but it is always good to be prepared. People dying immaturely are emotional as well as financial shock for their family members, especially if the deceased is the only earning member of the family. In situations like these, absence of a life insurance policy would also create financial hardships in the family.
Experts suggest buying a life insurance right after your birth or posting your first salary. Life insurance premium usually depends on the age of a person. This means every year that passes, the life insurance policy becomes even more expensive.
If case you contribute or hold the funds over the long term, insurance basically would revolve around 2 major categories namely Income and Debt.
Education cost has reached sky high these days. Even cost of higher education is too expensive. In case you do not have any savings, you may have to take up a bank loan for bearing the cost of education. This unsecured debt would be like a burden on the young shoulders of the family.
If you buy an endowment plan for your child when he is young, the maturity amount would come in handy if you wish to make payments for your kid’stuition or college fees or also to help pursue his or her dreams.
Once you are done with your education and have acquired a good job, you should then aim at buying a house, settling down and then plan of starting your family. Buying a house would be the biggest investments in your life for which you may have to opt for a housing loan.Besides, securing this loan amount would be important especially if you are the sole earner of the family.
This is when a term life insurance would come into picture. These life insurance plans are simple in nature and inexpensive too.Therefore, buy a term insurance plan for financially securing your loved ones in your absence.
There are many people who have short term as well as long term goals. Finance being the only limitation to achieve these goals. Everyone of us face financial hardships.
With the availability of money saving plans like Unit Linked Plans(ULIPs) you can make profits from market investments and thereby grow your funds overall.
You definitely can’t depend on a life insurance plan to protect you from dying too early. However, life insurance can certainly offer financial protection for living too long.
You can buy pension plans or retirement plans that would help you to build a comfortable corpus for savings that you can use once you retire.
It is wise to buy a life insurance at a young age. If you procrastinate to buy one, you may face medical hardships as you grow old resulting in higher premiums. There might be higher chances of the policy application getting rejected outright by the insurer due to medical conditions. Life insurance has different plans that would come handy at each stage of life. So, there is no specific age as such to invest in a life insurance plan. However, it is better not to delay!
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