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Most of the time, we work hard to secure a good life for ourselves and our near and dear ones. Our health and peace of mind are beautifully tied to the health of those whom we love and care for. So, while we do everything in our capacity to ensure that our loved ones have a stress-free life in our presence, we must ask ourselves the uncomfortable question of what they might do after we are gone.
Acknowledging the unpredictability of life is scary, but it is also crucial that we plan to be a concrete source of financial support for our families. The solution lies with term insurance plans – something that ensures that your cherished ones stay secure in your unforeseen absence. Read on to learn more about term insurance.
What is term insurance? How does it work?
Term insurance is the most basic form of insurance and life insurance. It is a product that gives the family members of the sole or co-income earner financial support on their unforeseen death or in their acute absence. This absence can be temporary or permanent. For instance, death and death caused by accident are permanent instances of absence. And physical disabilities caused due to an accident or the diagnosis of a critical/ terminal illness are temporary/acute instances of absence.
If you are the sole breadwinner of your family, term insurance aims to provide financial security to your parents, siblings, and other blood-related dependents. It does this by giving a guaranteed death benefit (also called the sum assured) on your unforeseen demise. This death benefit ensures that your family has the funds to continue to live their lives.
To receive the term insurance benefits, you have to pay the premiums through a payment plan of your choice. Once you pay these, you unlock the features of the best term insurance plans.
What is the right age to buy term insurance?
Term insurance providers have a fixed age bracket for those who can buy term insurance. Generally, this age criteria starts from 18 years and goes up to 65 years. However, just because you can buy term insurance at any time doesn’t mean you should delay it. The ideal age to buy term insurance is in your mid-20s. Your 20s are the time where you step into the real world of financial responsibilities. You might start contributing at home or have your entire family dependent on your income.
Irrespective of the reason, buying term insurance at that age gives you a definitive age advantage. For most insurers, the general rule of sale is that the younger you are, the lower their liability of insurance payout is. This lower liability translates to lesser premium prices without compromising on the high scope of coverage you receive. Moreover, if you are healthy and do not have any underlying medical history or harmful habits like smoking, your term insurance premiums decrease. This gives you first preference among older buyers and buyers with an underlying threat of diseases or smoking habits.
However, if you haven’t bought term insurance in your 20s, you can decide to in your 30s, 40s, and even 50s and 60s. The upper age limit for buying term insurance is generally 65 years. As you get older, you might have to pay higher premiums, but that shouldn’t stop you from choosing financial security.
How can buying term insurance benefit you at any age?
To sum it up:
The ideal age to buy term insurance is in your 20s. However, if you cannot get term insurance at that age, you always have several more years to get it. If you cannot benefit from the affordability of premiums at an early age, there are other ways you can save while buying term insurance. For instance, you can buy term insurance online and get a discount.
Or you can check for a term insurance plan with a return of premium option, where the premiums you pay are returned to you if you survive the tenure of the term plan. And as you move through the different phases of life, you can choose to increase your coverage per your changing needs, ultimately securing your family throughout. To know more about term plan, long term savings and more visit PNB MetLife website.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
IRDAI Registration number 117 | CIN U66010KA2001PLC028883
For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: email@example.com or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at firstname.lastname@example.org or email@example.com. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.