When is the right time to buy term life insurance

When is the right time to buy term life insurance

If you’re looking for an affordable, short-term insurance plan that would benefit your family after your passing, then term insurance is the best for you. The majority of the insurance providers offer a wide range of term insurance options to choose from. All you got to do is find the best suitable, tailor-made option for you and your family.

You might often get a lot of advice asking you to take a term insurance policy and how it’s the best decision ever. But what people never discuss is when is the right time to buy term life insurance or why to do it. Without further ado, let’s get into these two important factors.

Let’s Start From Some Basics

If you’re going to ask who needs term life insurances, then it’s a very vague question. Because the answer depends on a variety of factors and circumstances. Term life insurance gives financial security to your family, in case of an unfortunate event and death, so anyone with liabilities or family to take care of will definitely need term life insurance.

Many people or even insurance agents will try to tell you that 35 or older is the ideal time to start your term insurance plan, but we would say, the earlier you begin, the better. The premium payout will be better when you invest earlier because you are young and healthy. The premium gets higher as you get older as the diseases start to surface.

  • If you are in your early 20’s and unmarried, your term insurance plan will be affordable
  • If you are in your mid 20’s and married, any financial plan you make will have a sure growth in a few years. You will probably need a higher protection term plan and one that will offer firm financial security to your family as well. The premium coverage for term insurance will be better at this point
  • The retirement period is often not advised as a favourable time to get your term insurance. If you are thinking of investing in any financial plan during this time, it should be a pension plan that would benefit your family in case of your untimely demise.

Buying term insurance early in life is the best decision. That will give you more coverage in less premiums compared to later in life. A lot of insurance companies often deny the application if you are over 35, or might even charge a humungous amount as the premium. Don’t worry if you have not yet got your term insurance yet, now is the right time to do it.

Term life insurance is an affordable way to provide financial security to your loved ones. Let Harpreet Puri help you navigate the options and find the best plan to fit your needs.

Contact Harpreet Puri today to get started on securing your family’s future with the right term life insurance plan.