in Finance, Insurance

Never too late to buy a life insurance plan

If you are the one who had always procrastinated the decision to buy a life insurance plan or a protection plan then it’s time you buy it now. There are various kinds of life insurance policies available, some are sold through life insurance agents and some are sold online. The most famous and purest form of insurance sold online is term insurance. Term insurance plans are plans which provide protection to your family members in case an unfortunate event of death occurs to the nominee.

Why you should buy a term plan?
If you would ask me I would say a term plan is a must for everyone who has dependents like parents, spouse, kids, young siblings so that their future is secured even in your absence. Term plans are pure protection plans, they provide a higher sum assured at really low premiums.

Why should you buy online?
Most companies provide term plans online. Online term plans are nearly 30 to 40% cheaper than plans that are sold through agents. Another benefit of buying it online is that you can purchase it from home at your convenience, submit your documents online and also schedule your medicals when you are available.

When should you buy a term plan?
The earlier you buy it the better it is because life insurance premiums are directly linked to your age. The younger the policyholder the lesser his/her premium this is because he is a low risk customer and is going to less prone to illnesses. But even if you haven’t purchased a term plan yet it’s never too late. Companies like Edelweiss Tokio Life provide their term plan to individuals whose maximum age is 60. So if you are below 60 you can avail for an online term plan. They also provide a life cover up to the age of 80 which means you can choose a policy term that provides security for a longer period.
If you have been continuously procrastinating the decision of buying a term plan then it’s never too late. Term plans assures that your family is secured even in your absence. Your kid’s education goals will be met, your EMI’s will be paid and your spouse will not have to be financially dependent on others in case you meet with an untimely demise.

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