I Hope You Act Now and Do Not Pay the Price of Procrastination

The first-year premium collections of life insurance companies rose by 9.5% to ₹11,026.82 crore in December 2015, says an article published in January 2016. Life insurance is probably the most important financial decision of your life. It secures your family’s financial future even after your death. There are primarily 5 types of policies available in India: term plan, ULIPs, whole-life, money-back and endowment. Only term life insurance is a plain vanilla product, while all other policies are part investment products. The former offers one of the highest covers at a low cost. You would probably contribute only a fraction of the money as premium towards this plan and get a significant cover.

Why Do Term Plan Premiums Go Up with Age

A term insurance plan is probably one of the best choices for any earning individual, as it helps you get sufficient cover to meet the various financial needs of your loved ones after your death.

So, when is the right time to get term life insurance? The answer is simple. If you haven’t already got it, the time is NOW. Most people in their early twenties, who have just started their career, usually do not consider insurance. This, in fact, is a great time to secure your life. Sure, your sudden death is unlikely. But life is unpredictable and a term insurance plan is for unlikely, yet devastating events. Therefore, whatever age you may be, you must get yourself insured today. Moreover, the earlier you start the better off you are.

If you begin at an early age, you can get a policy till retirement at a much lower cost. Insurance cost, or the premium that you pay, increases as you grow older. This is because with age there is increased risk of you catching a disease, with immunity going down.

It is a great idea to buy a term policy as soon as you start earning. You can always enhance your cover later on. Moreover, you must not wait to fall ill or discover you have some disease before getting yourself insured. You can buy a policy online today. Use the life insurance premium calculator to determine the premium you need to pay to get the cover you desire.

Ensure that the personal details you furnish are accurate. You can maintain a softcopy of all your documents, as well as the policy.

Premiums are higher for smokers. Some insurers reward individuals who maintain a healthy lifestyle. So, find out all the details before finalizing a policy.