Reasons to Buy Term Life Insurance Before You Turn 35

Thirties are said to be the life’s best years. It’s an age of milestones which gives you feel of freedom from insecurities and midlife challenging responsibilities. One of the surveys from a leading insurer claims that 35 is the best age to be as most of the people expected to have achieved their major milestones. Actually, it’s true! When you are around 35, you are healthy, well-placed and stable in your career. Your kids may have just started their journey at school and you may have owned a car and house by then. In true sense, you are in a ‘happy phase’ and the real happiness is just beginning with your responsible adulthood. It’s definitely not the time to think about ‘what if’ moments. But, as a part of being responsible adult, you must financially secure yourself and your loved ones with a term insurance!

As per experts, it’s smart to buy a term plan as early as possible, even before you think it is needed! Ensuring your family’s financial well-being even when you are not around is one of your greatest responsibility. Investing early in term life insurance is the smart way to stay protected. Here are few compelling term insurance benefits for you to buy term life insurance before you turn 35!

Being younger and healthier is cheaper!

When you are shopping for life insurance, age is one of the critical component. Buying early comes with its own benefits. When you are young and in excellent health, your insurability is at its peak. Getting the best rates is certainly easier. Ideally, you don’t need to wait till you cross thirty. Waiting to buy can cost you more as health risk increases with age. Twenties are the best age to protect yourself with term plan. You can make a smart move by investing in larger term insurance plans even before you start a family.

Qualify for more comprehensive coverage

Younger people can get easily qualify for wider range of coverage. Terms and conditions of the policy can be accepted widely as they are considered to be with low health risks. Health issues like hypertension, cholesterol, diabetes may get started with the aging. Every insurer pays attention to your medical history while underwriting your policy. Buying the term plan at the young age can help you qualify for all types of riders and benefits, therefore, make the most of this benefit and invest in a term plan before you get old!

A best tax-saving option

One of the term insurance benefits is that the premium paid towards term plan gives you tax benefit under Section 80C of The Income Tax Act 1961. Specifically, thirties are the peak age of your earning career. Hence, tax saving plays a major role. Investing in any types of term insurance plan can save you some tax along with offering life protection. Money saved on tax can be invested elsewhere for some important things!

Employer-offered term plan is not adequate enough

It’s not wise to solely depend on employer’s term insurance plan. Especially, when you have more responsibilities and financial obligations to meet. As a part of career growth plan, switching jobs are quite common when you are in mid-thirties. Though you are financially stable at this age, being under-insured is not a good sign. Investing in individual term plan can protect you and your family adequately.

Easy to deal with your debts and obligations

With the vehicle loan and home loan, any unfortunate event can leave your family devastated emotionally and financially. A good term insurance plan can help your family sail through such financial crisis by paying off debts and obligations. It’s smart to have a plan in place to keep your loved ones away from financial hassles.

Final Verdict!

Knowing term insurance benefits, if you want to pay substantially lesser premium and get wider coverage, it’s ideal to plan buying your term plan insurance as early as possible. Age and health conditions are the strong reasons to invest in a good term insurance plan before you really need it! Always keep in mind that the insurance is an essential cost. Include it in your financial planning portfolio at the early stage to protect your loved ones from all possible financial hassles in future.

Plan well in advance, Insure early and stay protected!