In this great uncertain journey that we call ‘life’, there is still some control that we can gain. It’s about what we leave behind when we go. One of the biggest fears most of us hold is about the financial security of our family. Thankfully, our passing doesn’t have to mean a lack of finances for our children, spouse, or any dependents. With life insurance, one can ensure that after their death, their family still has the financial resources they need to not only survive but also thrive.
Thus, is there a ‘right’ time to buy life insurance for the long term? Let’s look at the typical life stages of an individual and assess what seems to be the right time to buy insurance: Visit here Best online newsfilter website
- Young adulthood, not married
An individual typically starts earning in their early 20s. During this period, one doesn’t have a lot of financial responsibilities, such as raising a family. There is a lot of money that can be saved and invested in life insurance at this time. Moreover, some plans such as HDFC term insurance may also offer a lesser premium for younger adults as they are healthier and less likely to be afflicted with diseases.
- Late 20s, married, with children
Your late 20s early 30s are when you typically start a family. The need to have a financial cushion for your children, spouse, or even older parents can be very apparent. There are children’s education and everyday expenses that you start considering. You may even take some debt like home loans, vehicle loan, or education loan. Getting a life insurance is a good idea at this stage also because you may want to protect your family from incurring your debt in case something happens to you.
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- Retirement age
As you approach your retirement age, your priorities may shift. Your children, if you have any, are probably settled and earning for themselves. You may not necessarily need to worry about their financial security after you pass on. Typically, you may consider pension plans that will aid your post-retirement lifestyle and take care of you and your spouse. However, if you have debt, children or other dependents, then it is a good idea to consider life insurance. Be mindful of the premium that you may need to pay, as they tend to get higher with the age of the applicant.
On the face of it, it is best to start investing in long-term life insurance as soon as possible. The benefits include tax savings, lower premiums thanks to good health, and more leeway with finances.
Make sure you consider the tenure of the policy along with the life cover and the fine print before you zero in on a life insurance policy. Don’t shy away from consulting an expert if you need advice. After all, this is one of the biggest decisions you will make that will determine not just how you live today but your financial legacy.