By 
A Term Life Insurance is a product that provides financial coverage for a particular time period. In case of the death of the policyholder during the term policy tenure, the death benefits if paid to the predetermined beneficiary by the company. When it comes to buying the right term insurance plan, your age plays a significant role. In this article, we help you choose the best term life insurance plan according to your age.
When you are in your 20s
This is the time when you just start your career and have little responsibilities. But you may have debts like an education loan to pay off, and if something unfortunate happens to you, then the burden of debt will fall onto the shoulders of your parents.
Taking a term life insurance in your 20s comes with the benefit of a cheaper premium. This is because, during your 20s, there is a lesser risk to your life that is considered low. You can easily take up a level term plan from a reliable company.
When you are in your 30s
This is the period where you get married and start a family, which significantly increases your responsibilities. Along with managing your debts like loans and other long-term commitments, you also worry about securing your kids’ future. Some of you may also have parents that depend on you, adding to the financial expenses.
As your income increases, so does your living expenses. Taking a term plan can help you secure your family’s future when you are not around. In your 30s, you should go for a term life insurance plan featuring a monthly income option. The lump-sum payout you get in this can help pay off debts, and the monthly payout will help with the day-to-day expenses of your family.
When You are in your 40s
This is the age where you might have paid for your long-term debts like education load, home loan, car loan, etc. But you still have to take care of higher education for children, old parents, retirement planning, etc.
With such big responsibilities still in your hand, you would need huge financial support. In these situations, you should go for a term life insurance plan featuring extensive coverage.
When You are Above 50
If you plan to take up the term insurance plan in your 50s, the premium would be double in comparison to what you would have paid in your 40s. And if you are a smoker, then the premium would further increase. But if you are a sole earner in the family and still have a debt to pay-off, then you should anyway take a term life insurance policy.
As you age, the premium will become higher; therefore, it is advisable to take term life insurance policy as early as you can. When you are taking this plan, ensure that you liaise with a reliable service provider who can understand your financial situation and future needs, and come up with a personalized plan to cater to the same.
