I'm an Anchor Baby

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Buying a Term Insurance at an early age…

Term Insurance is an important part of your investment kitty and the best time to purchase one would at an early age.  It’s a protection plan for your family’s survival needs in your absence. Imagine the extent of hardships they would have to face if anything unfortunate happens to you. They will be under emotional and financial stress at once. Therefore, it's important that your family should stabilize their financial status. This would be possible by buying a suitable term insurance cover.

Experts advise the moment you start earning, you should secure every penny of your earnings and that’s where a term plan can work wonders for you. Even if you manage to save Rs 25 to 30 bucks a day, you can actually cover your family for almost a crore in near future. Yes, term insurance is the cheapest form of insurance cover for the customers. At premium costs of mere Rs 8000 to 10000, you can purchase a term cover of around Rs 1 crore and financially secure your family during hardships.

Here are three compelling reasons why you must buy a Term Insurance when you’re young:

Premium Increase:

The young you are, the healthier you stay. As you get older, you’re bound to contracting some form of illness like diabetes, low or higher BP, etc. due to lifestyle habits or working patterns. This will increase your premium costs on the same amount of cover compared to the one you will buy in younger days. Therefore, expert advice consumers to buy term insurance when they are younger and free from any financial and health stress.

Dependents need protection:

Whether it's your parents, siblings, spouse or children, if you’re the only earning source of your family, it becomes vital to have some form of financial security for them. These people are dependent on you financially. If you are no more in the world obviously they will have to bear the brunt of scarce financial resources. Therefore, it's important you own a term cover that will offer them sufficient finances to cope up any financial crisis and arrange for their survival needs.

Stress-free life:

Term Insurance is an ideal investment option to lead a stress free life. As it provides financial security to your family members in your absence, you can be sure of their security at all times.

Today, with internet based facilities you can purchase Term Insurance at the click of the button on your computer or Smartphone as well. The parameters to consider while buying term insurance would be your income source, family’s financial goals, debts, assets in hand, inflation costs and your risk appetite. So, buy a term cover now to make your family financially sound in near future!

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