The benefits of term insurance are many. From offering a large life cover at a low cost to being easily available, you indeed get many advantages when you decide to buy a term life insurance cover.
The benefits multiply when you choose the cover at a young age. Why is it so? How can you benefit from getting term insurance from early on in your life? Let’s find out.
Lower Cost
One of the benefits of term insurance purchase at an early age is the low cost. When you are young and fit, the insurance provider sees you as a less-risky customer and offers the plan at a lower cost. This is precisely why a younger person pays a lower term insurance premium as compared to an older person.
Longer Coverage Term
Term insurance covers are available for long durations of time, sometimes even as long as twenty or thirty years. When you buy term insurance a little early in your life, you get to buy the plan for a long tenure. This allows you to stay covered at a nominal price for the longest possible time.
Can Increase Cover
The modern-day life insurance plans have many attractive features, the riders being one of them. Riders are add-on covers that help to increase the chances of the cover of your term insurance policy. You have to pay extra for the riders. Since term insurance is cheap when you are young, you can easily spare some amount to get the riders you need. Some of the most common term insurance riders consist of the accidental death benefit rider, the critical illness rider, the premium rider’s waiver, etc.
Easy Online Access
As a youngster, you are very tech-savvy and understand how modern-day digital processes work. This is one of the biggest benefits of term insurance that you get when buying the plan. These covers are widely available online and you can get a suitable policy with just a click of a button. If you are at a young age, the insurance provider seldom asks you to undergo a pre-policy health check-up. This further adds to the list of benefits and you can buy the term plan of your choice instantly while sitting at home.
More Scope For Other Investments
Since you do not spend a whole lot of money when you buy term insurance at a young age, you have a lot of money left over to invest in other platforms. As you get older, the insurance costs eat into a chunk of your income, leaving very little opportunity for you to invest elsewhere.
Tax Benefits
Last but not the least, term insurance offers several tax benefits. You get an income tax rebate under section 80C for the term insurance premium that you are paying. Then, you get to save tax under section 80D if you add critical illness rider to your policy. These are some of the best benefits you get as a youngster when you invest in a good term life insurance plan. As you can see, getting term insurance as a young adult proves to be highly beneficial!
Pro Tip: You can buy the plan when you are at a young age and stay covered for a long time without having to pay more even when you age.
Pro Tip: Go through the list of riders and see which ones are best suited for you and get them along with your term plan. The nominal increase in cost is way lesser than the increase in benefits attached.
Pro Tip: The process is extremely simple, convenient and fast. This is another reason why you should get a term insurance when you are young.
Pro Tip: This is a major advantage of getting term insurance early on in your life. Staying insured is critical, so cover your life and once that is done, have enough money left over to invest in lucrative opportunities.
These are the most significant reasons why you must consider getting buy term insurance early on in your life. Thankfully, there are many options to choose from. So go online, compare the options and find the most suitable term insurance policy for yourself. There is no substitute for getting life insurance. When you have an opportunity to receive the cover at a cheaper rate, grab it with both hands and make a wise financial decision!
Also Read: Term Life Insurance vs Traditional Life Insurance: Which is a better option?
