Know when is the right time to get a life insurance policy. Learn about the various factors that play an important role, and influence the decision of a lifetime.
The answer to this question is not that simple. It is a bit of a debate, ‘when should you get a life insurance.’ Some suggest that a life insurance policy is as important as a vaccination. A vaccination protects an individual against fatal diseases. These diseases are difficult to cure when they strike, so it is suggested one takes protection against them early on. Similarly, a life insurance protects the family of an individual against financial hardships in the absence of the prime earner of the family. The right time to apply for a term insurance is when one starts earning. The bread earner’s income supports the other non-earning members of the family. If the earning member is no longer there, the dependents will go through financial hardships. A term insurance plan can provide them financial support in such cases.. Therefore, one should prioritize buying a life insurance once they have started earning.
So, to answer the question, the right time to get a life insurance policy seems to be between the age of 25-30. That’s when most people have already started earning. Be it working as a professional, or doing a business, this is the age in which there are plenty of chances to save money. Marriage is still at least a few years away, having kids sounds like a far-off idea, and settling down is something that can be put away, for now. It is in these years that most people prioritise splurging and indulgence than having a conservative mindset about money.
Also, the life insurance premium is lower if bought at a lower age. Life insurance quotes can be unsettling, when inquiring at the age of 32-35 years. That is when a person’s health starts deteriorating, and illnesses (if any), start showing signs of seriousness. Which is why, the age bracket of 25-30 is perfect to take major decisions and make investments that safeguard the future.
It is, therefore, in the best interest of a person to get a life insurance policy when they’re in their primes. A life insurance cover is more of a necessity, than a luxury. And with the increasing risks arising due to environmental hazards, diseases, etc., it becomes the kind of necessity that can’t be overlooked. And the best way in which one can ensure that their spouse, children, or parents are looked after, even after their demise, is to get a life insurance policy that offers a suitable cover for the future.
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