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When is the Best Age to Buy a Term Insurance Plan?

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Best Age to Buy a Term Insurance Plan
November 19, 2023

A term insurance plan provides a lump sum payout to your nominees in case of your demise during the term of the policy. The amount may then be used to fulfill any of your financial liabilities or responsibilities.

Besides, your family may easily meet their daily expense with the received amount. Thus, a term insurance plan provides financial protection to your family during difficult times.

Term plans often come with multiple premiums options. This is because the entire premium amount is used to cover the risk, and is not invested in any financial instruments for the purpose of earning returns. Moreover, such a plan offers the flexibility to opt for additional riders as per your need. While some term insurance plans offer critical illness benefit, some plans provide coverage against disabilities, loss of employment cover, and waiver of premium, besides many others. It is imperative to opt for riders based on your specific needs, so as to enhance the utility of your policy.

Best age to buy a term plan

It is recommended that you avail of a plan as early as possible so as to receive maximum benefits.. Generally, the risk of health complications is lower at an early age and increases with age. In order to offset this risk, insurance providers charge a high premium for those in the older age group. Although it is advisable to buy a term policy at an early age, you may avail of one based on your needs and financial situation. Following are four situations where a term insurance plan would come handy.

  1. If you have a tight budget

    Due to certain financial constraints, you may not be able to invest a huge sum in whole life insurance plans. A term insurance policy is the best solution if you seek coverage at an affordable cost. Such a plan is cheaper as it is a pure risk plan with no returns. If you apply through the Internet, the cost reduces even further as no intermediaries are required. The insurance provider saves on such costs and passes on the benefit to you.

  2. If you are the sole breadwinner

    Being the sole breadwinner of the family is a huge responsibility. You have to meet your family's financial needs and also fulfill obligations such as paying off mortgages and utility bills. A term policy ensures that your family is financially secured even in your absence.

  3. If your business is cash-strapped

    Quite often, individuals invest a huge amount in insurance policies. This is turn leaves them with little cash to develop their business. If you buy a term insurance plan, you may utilize the additional funds for your cash-strapped business. You may also use the balance capital to set out a new business venture.

  4. If you have labor-class employees

    Many employers use term insurance plans to provide coverage to their employees. This acts as a welfare measure and ensures that the family members of the employees are protected in case of any unfortunate event. Besides, as an employer, you may also claim the premium paid as a business expense.

If you fall in any of the aforementioned categories of individuals, you may opt for HDFC Life Click 2 Protect Super Plan - a non-linked non-participating term insurance policy. The policy has numerous options, such as return of premium option, Acceleration of Death Benefit and lifelong protection option attractive premium rates, and much more benefits with this plan is the best for those who seek value for their money. So, you may opt for a term plan like the HDFC Life Click 2 Protect Super online term plan at an early age and enjoy financial protection.

Related Articles:

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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