Friday, July 20, 2018



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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