Everyone wants to secure the future of his/her family. One of the best ways to do that is to buy a life insurance plan for your family.
A life insurance policy provides you with a life coverage for your family for a pre-determined period for a certain amount of premium.
In the event of the death of the policyholder, your nominees will receive the maturity amount. The premium charged for a life insurance plan is quite less.
The amount of premium to be paid depends on the age of the individual. It is generally said that the younger the age, the lesser is the premium and vice-versa. The life insurance claim process also makes an impact in this regard.
At this age, saving money is important to you.
30’s is the prime time in your life where you are in the money-making stage of your life.
It is generally said that buying a life insurance plan at this stage is quite expensive. But that is not so. It all depends on your requirements. If you are looking to secure your old age, this is the right age to buy a life insurance policy.
This is the right age to buy a life cover if you have started a new business or if you have taken a loan for your children for their higher education. It will help you in the repayment of your loan and also helps in life insurance claim settlement later.
At this stage, you will get a life coverage for 25 years instead of 30 years. You can buy a life insurance plan and use it for estate planning or inheritance purposes. But the amount of premium may increase as with the increase in age, the risk also increases.
You can buy a life insurance plan at this age as well, but you will get a life coverage of only 10 years at this stage. You can use it as per your requirements.
Any age is the right age to buy a life insurance plan if you need one.
However, at a younger age, life insurance policies are more economical with a lesser amount of premium and greater life coverage than at the later stages of life.
Hence, you should buy a life insurance plan when you are young and healthy, i.e., between the ages of 20 and 39 as you are associated with less risk at this stage.
On another note, it is better that you understand your requirements of life insurance and then buy one.