Life is unpredictable and term insurance plans protect your family against the uncertainties of life. While most of us understand that a term plan is necessary, many often forget the importance of taking life insurance early in their life.
In your 20s, when you are just starting out on your adulthood, it might seem like an unfortunate event is far away. But life is uncertain and being well-insured can help you protect your loved ones financially.
A term life insurance is a policy that will help you keep your family financially safe, even in your absence. A term plan gives the beneficiary financial aid in case of an untimely expiration of the insured, during the term period.
Benefits of starting early
Life term insurances are often associated with people in their middle-age. But buying term life insurance early, even if you are in your early 20s, comes with a lot of benefits. Let’s look at some of them.
- Cheaper premiums
Life insurance premiums tend to be cheaper when you are younger and healthier. It is because a young person will have lesser health ailments compared to someone in their middle-age. Hence, it is always a good idea to buy a plan early in a much lower rate.
- Longer tenure
Since your young age gives you the ability to lock an insurance plan at a much lower rate, it is advisable to make use of that and get insured for a longer period of time. Different insurers will have different policies, but in general, doing so will help you save in premium payments in the long run.
- Protect your dependents
If you’re in your early 20s, chances are, you have no dependents right now. But life moves fast. In a few years, your parents could retire and before you realise, there could be people depending on your income as well. It is always advisable to do your part in protecting them financially in case of an unfortunate incident, very early.
- Riders for your own protection
Term life insurances come with rider options which will help the insured as well, in case of unfortunate circumstances.
For example, a waiver of premium rider will waive-off your future premiums if you become critically ill or permanently disabled during the term of your insurance.
This will help you protect your family even at a stage where you might not be able to pay your premiums.
- Protect your future family – You might be in your 20s now, not too much bothered about your future family or a marriage. But time flies, especially when you are young and energetic. If you decide to buy a life term insurance early, you make sure you are insured to protect them as well in the future. There are a lot of nuances associated with starting a family and it can be financially heavy. You might even need to take a home or a personal loan. It might be difficult for your spouse or partner to pay that off single-handedly in your absence. A term life insurance makes sure you protect your loved one financially, even if you are not there.
How to buy term life insurance?
Buying online is one of the easiest ways to get insured. It’s simple and straightforward, and it could save you some broker fee as well.
You can use a term insurance plan calculator online to figure out what plan works for you.
An online term plan comes with all the same benefits as a traditional one with almost no paperwork involved. You could take the help of advisory available on these websites as well to do your research.
How to buy term life insurance online?
You can buy an online term plan in seven easy steps.
- Find a broker or insurance provider of your choice.
- Register on the website with your basic details.
- Enter your desired insurance sum and tenure.
- Check and add riders you want in your plan.
- Do the mandatory KYC and add the beneficiary details.
- Enter your health details.
- Pay the premium amount.
Your loved ones are too precious to be left unprotected in your absence, especially when getting life insurance is easy and affordable. If you don’t have term life insurance yet, it is advisable that you go to an insurance provider’s website today and get one in a matter of minutes.