The cheapest term insurances for your age
Cheapest term insurances for your age?
Accidents cannot be forecasted. A tragedy can befall you and your family at any given moment. That is why it is never too early to invest in a term insurance policy. To ensure that your family’s future is secure after you pass, it is best to make plans as soon as possible.
Thus it is crucial that you know which term insurances will work the best at your age!
We, as policyholders, have very specific needs in each stage of our lives. Your priorities certainly will change from what they were in your twenties when you are in your thirties. Thus you should get a term insurance policy that meets your goals and satisfies your needs at that specific age.
Also, there is a change in term insurance rates by age.
So when is it the right time to get a term insurance policy?
Is it in your twenties?
The twenties are a time when you are starting your life. There are fewer responsibilities, but the pressure of building your career is paramount. Following are the few factors you should consider before choosing to invest in term insurance:
- This is the age where you have the pressure of paying off your education loan. With term insurance, you can ensure that your debts will get paid off if any accident is to happen.
- Since the mortality rate or risk is low during this period, the premium for the insurance is much lower.
- Some of the premium rates are as low as Rs. 3776 per year, for coverage of up to Rs. 50 lakhs.
The cheapest policies you can avail in your twenties-
For the age of thirty and below there are a few term insurance plans that are both beneficial and easy on the pockets. For instance-
- Car Insurance Quotes Colorado
- Canara HSBC Oriental Bank of Commerce Life Insurance in their iSelect term plan offers the policy at a premium of Rs. 7379 with 94% claim settled.
- The Aegon Life Insurance in their term plan with a premium of Rs. 7497 with 94% claim settled.
- The item smart policy from Aviva Life Insurance offers the policy at a premium of Rs. 7886 with 84% of the claim settled.
These are a few of the cheapest term insurance rates. You can also go for higher rates according to your requirements.
Are your thirties the right time to get a term life insurance?
The thirties are the time when your responsibility increases manifold. Most people get married and have children during this time. Also, the thirties are a period when people tend to take house loans, car loans etc. which require long term planning on your part.
- In your thirties, your income increases significantly. That is why this is the perfect time to think about making a greater investment in term insurance policies.
- Since most people have their families to look out for, and loans to settle, a term life insurance provides the insured person with the assurance of their family’s security in their absence.
- During this period, term insurance with a monthly income option works the best. The one-time lump sum payout after the insured person’s death can help to settle any loan or debt, while the monthly payout can secure the family’s financial needs.
Cheapest policies you can avail in your thirties:
Since people can invest more in their term insurance policies in their thirties, here are a few options that can fit their requirements, without being too extravagant:
- Max Life Insurance in their online Term Plan Plus Policy offers term insurance at a premium of Rs. 10,384 with 94% claim settled.
- Tata AIA Life Insurance in their Life Insurance Raksha Supreme Policy offers the policy at a premium of Rs. 10695 with 90% claim settled.
- Bharati AXA Life Insurance in the Flexiterm plan offers the policy for a premium of Rs. 10384 with 87% claim settled.
These are a few of the best term insurance plans that you can opt for in your thirties.
Is it in your forties?
The forties are a time when most people have settled their loans and other long-time payments. However, this is the time to save up for your children’s education, think about retirement and other medical emergencies that might occur.
- By the time you are forty, you start to think about your family’s future after you seriously.
- You need good financial corpus to look after all your needs during this time.
- It is best to invest in a term insurance policy that has a big financial cover.
- You can get a term insurance plan with a cover of Rs. 50 lakhs for a premium of Rs. 7198 per year.
Cheapest policies to avail in your forties:
Even though affordability of the insurance takes a back seat during your forties, it is always best to get maximum benefits with a reasonable investment. Some of the cheapest term life insurance you can get in your forties is:
- Exide Life Insurance in its Elite Term Plan offers a policy at the premium of Rs. 14343 with 91% claim settled.
- IDBI Federal Life Insurance in the insurance Flexiterm Policy offers a policy at the premium of Rs. 14089 with 87% claim settled.
- The Edelweiss Tokyo Life Insurance in its mylife term plan offers a policy at the premium of Rs. 12826 with 84% claim settled.
With most people opting to go for a term insurance policy in their forties, there are several plans to choose from.
For fifty years and above!
Even though it is best to invest in a term insurance policy as early as possible, it is never too late as well.
- After your fifties, insurance plans become quite expensive. You might even have to pay double the amount of what you were paying in your forties.
- In all the previous plans, there are advantages in your premium payment if you are a non-smoker. Premiums are usually less for non-smokers than it is for smokers.
- But after your fifties, the premium you have to pay is always high, irrespective of whether you smoke or not!
However, it is important to consider investing in term insurance even after you reach your fifties. Especially if you are the only earning member of your family and have debts to take care of!
If you are considering getting term insurance, it is best to get one immediately. You can wait around and keep planning, but as you age, the stakes will certainly get higher.
So to ensure that your family can lead a secure life, it is crucial that you start investing in term insurance as early as possible.
But make sure to conduct proper research and compare all the term insurance policies and terms to avail the best one! With so many options available in the market, you can get confused with which one will be perfect for you!
So take some time, know about the premium, plan coverage and all additional benefits of each plan to avail the best one possible