Term insurance is a budding name in the market of life insurance. People who have knowledge about life insurance choose term insurance in one go and those who want to know more about and naive to insurance market they also choose term insurance in one go. This is because term insurance is the simplest and most pure form of life insurance. It promises to give maximum protection to loved ones of the policyholder after his/her death at a minimal premium amount. Term insurance premium amount is easy to manage with other expenses of daily life because it is low and quite manageable. But, people often get confused that what is the right age to buy a life insurance policy as no one want to invest money somewhere there is no profit and term insurance only offer benefit if the policyholder dies during the tenure of term insurance policy. So, in taking term insurance policy it is very important to be very judgmental about the age in which one should buy term insurance in order to obtain maximum profit.

There are various types of questions that pop up in our mind when we look at the companies which offer us term insurance plans, like how can a plan be best for me when I am in my 20s and in 60s. Let us discuss age with respect to term insurance so that you can specify in which age term insurance is best suited for your specific needs-

In your 20s –

As soon as we jump in our 20s from teenage, there is a whole new world waiting for you. You have your career, your job, your own bills to pay and a lot more responsibilities on the head. You may think that in such a fast going life, nothing can happen to you. But, this is the right age to secure your family’s happiness even in your absence. Term insurance is a secure option you have to pay a low premium amount that is easily manageable and if god forbids something bad happens to you, your term insurance will take care of your loved ones. You will also get additional benefits like terminal illness with tax exemptions.

In your 30s-

When you hit the 30s, it is the time when you have already seen up and down in your professional and personal life. You get married and get have a family. You may have good income and promotion too. But, your expenses also get a hike. You are managing everything smartly. But, imagine if you are not around? Who is going to take care of the education of your kids or your housing loan etc? Term insurance ensures that it will take care of your loved ones as responsibly as you are. You can even opt for term insurance with a monthly income rider.

In your 40s-

In this age, your body is getting old and you have much more big responsibilities like higher education of your kids from a good place, your old parent’s responsibility and term insurance plan will be required more because your young kids who just finished school or parents who are old cannot earn for themselves. If you do not have term insurance then you should buy it in the 40s at a reasonable premium price.

After the 50s-

If you cross your 50s your premium amount can be just double because the body is more prone to health problems. But still, it is advisable to have term insurance to take care of your family in your absence.

One must make note that premium amount increase with age, this one should buy a term insurance plan in early age.

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