5 Reasons to Buy Term Insurance in Your 30s

Hey! You reached 30? Well, that means you are a responsible adult now. There are many who are already married and are all set to start a family. Things are just perfect, but most of us forget something very important. Life is uncertain and there are chances that one fine day you might not be around and your family may have to face serious monetary crisis. It is, therefore, always better to Buy Term Insurance when you are in your 30’s.

Why to buy Term Insurance as you turn 30

1. Worthy product:

   Most of the times people concentrate only on pension schemes and policies which will give them retirement benefits. But here is a product that will take care of a serious problem like your death. In case of your death these term insurance plans will make sure that your family gets financial support in case of your death. You can also use this investment plans for better security of your future or for the future of your children and spouse.

2. Helps you get cheaper premiums:

When you are still in your 30’s you are healthy. Lifestyle diseases like blood pressure etc have not got the better of you. So you have a better chance of getting a better cover for a less premium. These chances reduce once you cross your 40’s. There is a possibility that your application may get rejected on medical grounds once you have crossed a certain age.

3. You end up paying fixed premiums:

   When you Buy Term Insurance you are paying a fixed premium that is you lock the premium. This is not the case with health insurance where the premium amount will increase with your age. So it is always a better idea to opt for term insurance plans. How long these plans should cover you will depend on factors like your liabilities or loans that you need to repay etc. A policy which offers a longer cover is much better.

4. Tax benefit:

   One of the major benefits that term insurance plans give you is the tax benefits. You save tax under 80 C deductions. So you can say that this is a good investment and tax saving option.

5. Make your own decision:

   Some of you may have employers who provide you with an insurance plan. But what you need to analyse is whether this is the best plan for you. Most of the times when you leave the employer the insurance coverage will also cease to exist. In your 30’s the chances of you changing jobs is high. Therefore, it is always better to opt for your own plan and make your own decisions rather than depending only on the insurance plan given by your employer. Buy a term insurance plan and secure your peace of mind!