Indian Money Reviews - Top 5 Reasons to Buy Term Life Insurance in Your 30s
It is said, Better Late than Never. But, this
doesn’t apply everywhere. You should avail a Term Life Insurance Plan, at least
in your early 30s. What difference will it make? Let’s find out.
Until you reach the 30s, you may struggle to get a good job.
Now, when you hit your 30s, you may enjoy a decent career. You earn well, are
in good
health and are planning to start a family. You must have also started
investing to buy a house or a car. In short, you become more responsible in your 30s.
5 Reasons to Buy Term Insurance in Your 30s
Responsibility is an on-going process. It never ends. Let’s
face it, you need money to survive. Therefore, you are not really responsible
until you insure your life. Insuring your life is a selfless act. Availing a
term life insurance plan makes sure your family has the financial support in
your absence.
So, when should you buy a term life insurance plan? The best
age to buy is by the time you turn 30. Do not wait until it’s too late. Buying
a term life insurance by the time you turn 30, has great advantages. Read on to
find out more:
1. A financial product to fall back on:
You seek financial advice on which is the best financial
avenue to invest your hard-earned money. People may suggest you invest in
mutual funds, whole life insurance policies, pension plans, and so on. These
investment options help you save for retirement and
you should go ahead and invest in one or two of them.
But, having a term life insurance policy is a must. It helps
you get protection for a much bigger risk. You may have availed a home loan or
planned to send your children abroad for higher studies, plus you have to
ensure your family’s financial security in your absence. Achieving all this is
possible if you have some kind of financial arrangement like term life
insurance. Term insurance plans cost much lesser than whole life
insurance products. Let’s take the worst case scenario:
Say you are 30. For a sum assured of Rs 1 Crore, a smoker
has to pay an annual premium of around Rs 15,000. Monthly premium will be Rs
1,250. If you are earning around Rs 5 Lakhs a year, your premium will be just
3% of your annual income. Is this too much?
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