Term insurance is nothing short of a necessity. It helps to keep your family safe during the toughest of times and it gives you peace of mind by ensuring that your family is protected.
While experts say that getting term insurance early is most ideal, you should never hesitate to get one even at a later stage when there is a need. But what is the term insurance age limit? How early should you get one and how late can you get one? Let’s explore term insurance and answer these questions.
Term insurance is a life insurance policy for a fixed term. Compared to a traditional life insurance policy, term insurance comes with a lesser premium for a higher sum insured. Term insurance can provide you with such low prices because there is no investment element to it. The premiums you pay will not be refunded to the policyholder at maturity if they survive the term of the policy. But, at the same time, there are riders that you can add to your policy to make it even more beneficial.
What are the minimum and maximum ages for a term insurance policy?
In India, a term insurance policy can be purchased by anyone who is over the age of 18 years. At the same time, the maximum age to purchase a term insurance policy is 65 years. Most term insurance policies mature between the age of 65 and 70 as well, but are exceptions, like in the case of policies that offer lifetime coverage.
What is the ideal age to buy a term plan?
Just because the term insurance age limit is 65, doesn’t mean you should wait until then to buy term insurance. In fact, the earlier you buy, the better. There are a number of advantages if you buy a term plan early. To begin with, your premiums will be much lesser at a young age as you could be in your prime health. You could leverage this by adding riders that guarantee renewal so that you can be sure that you will be covered with a nominal price for a longer term.
Speaking of a longer term, it is also a wise idea to get coverage for a longer period of time, especially when you are subscribing at a young age. This will make sure that you will be protected at a smaller cost.
Buying a term plan when you are closer to 65 can be expensive. This is because insurance companies see that the risk associated with one at this age is more. But at the same time, term insurance is nothing less than a necessity, and getting one is of paramount importance for the protection of your family. In this scenario, you could compare different plans and use a term insurance premium calculator, to make sure you choose the right plan.
How to buy term insurance online?
Buying term insurance is the easy part. Almost all insurance companies now provide you with the option to buy one online in an easy and hassle-free process. Doing your research is important here. You can use information from the website itself to find a plan that suits you best. You could also take the help of an insurance advisor to help you with the same. There are tools, like a term insurance premium calculator, to help you with choosing one too.
One important thing to keep in mind while buying an insurance plan is to make sure your nominee details are added correctly. Your nominee is the person who can avail of the insurance benefits in case of an unfortunate scenario. Make sure you fill their details right so that claiming, if there is ever a need, is hassle-free.
Now that you understand what term insurance is, there is no reason for you to stay away from term insurance, especially when it is this beneficial, yet easy and simple. Go to an insurer’s website or app and get insured today!
