If there is anything that the pandemic has taught us, is that our time here is uncertain and to be as prepared as you can be for the future of you and your family.
Having life insurance is an integral part of your financial strategy. Planning is the first step of accomplishing any goal in life, and insurance companies can do that for you. You will just need to choose the term plan that works for you or you can customize the same.
Although there is no set age to get insured, investing in a term plan in your early 30’s may benefit you the most. Below are some ways you will see these benefits if you start in your early 30’s:
Yes, you read that right. When you start early, you pay lower premiums, and the amount of the premium gets locked-in for the rest of the duration of the policy. A dual benefit is that it will not just save your money but also provide you with a large coverage at less premium.
We pay a huge amount of our income in taxes; a term insurance plan will help you to save your taxes and ensure your financial stability at the same time. An additional benefit is that the amount received on maturity will also be tax-free.
We take on so many expenses throughout our lifetime that having term protection starting earlier in life may assist you if additional funds are needed to cover you and your family with.
Starting early doesn’t mean that you won’t be able to have an increase in the coverage of your term plan. After you reach the age of 40, you can amend your term plan to increase the coverage, if required. You will just need to contact your insurance company and suggest these changes to your policy. However, this will come at an extra cost, which will be calculated with your age and requirements set forth in your term plan, but it will save you from having to purchase a new term plan.
Starting a term insurance plan early in life will give you and your family ease of mind regarding finances. Purchasing a term plan in your early 30’s could be a beneficial choice to provide financial protection and peace of mind for years to come.
One of our experienced advisors will reach out to you. We have worked with individuals and institutions and helped them build and manage wealth.