Importance of Buying Term Life Insurance at Early Stage of Life
Mr. Manoj Jain, Sr Vice President and Head - Digital Business at Canara HSBC Life Insurance, as he sheds light on the importance of buying a term plan early in life.
Read on to know more on the benefits of insuring yourself at an early age. Buying a life insurance policy is somehow the last thing on the to-do list when a person starts their career in the 20s or 30s.
Not many realise that life insurance is a safety blanket that will keep our family financially secure and running in times of distress. In fact, in my recommendation, the best time to buy a term life insurance plan is actually when a person is young as that is time when one can save on the premium and can even enjoy tax benefits which come with it. The one reality that the pandemic has underlined for all of us is that life is unpredictable and no one knows when an unfortunate event can occur.
This may lead a person or their family in a state of distress for not having an optimum financial cover. A term insurance plan is one of the most traditional yet popular types of life insurance available in the market today. Term life insurance provides a lump sum payment to the insured’s family in an unfortunate event, ensuring that the claimant’s family is financially secure even in absence of the policy holder.
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