• Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us
Thursday, July 7, 2022
Daw Rimiz
No Result
View All Result
  • Login
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
No Result
View All Result
DawRimiz
No Result
View All Result
Home Business Money

5 Reasons to Buy Term Insurance at a Young Age

Donna Gilbert by Donna Gilbert
November 3, 2021
in Money
0
5 Reasons to Buy Term Insurance at a Young Age
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Many young individuals do not have adequate financial responsibilities. So, they do not feel the need to invest in term insurance. The younger generation likes to spend on their lifestyle. However, they also should understand the necessity of investing in term life insurance to secure their family’s financial future.

Today, life has become unpredictable due to the ongoing Coronavirus pandemic. There is no right time to ensure the monetary stability of your loved ones. However, it is advisable to start doing effective investment planning as early as possible. Therefore, it is recommended that you purchase term insurance plans with an adequate sum assured so that your family can live a financially independent life after you are no longer around.

Article Summary show
READ ALSO
6 ways you’re probably leaving cash on the table on a day by day basis
Are You Lying To Yourself About Money?
To save on premium
To avail of tax exemptions
To secure your family’s economic future.
To reduce the odds of policy rejection.
To create a base for a robust financial portfolio.

READ ALSO

6 ways you’re probably leaving cash on the table on a day by day basis

Are You Lying To Yourself About Money?

If you are unsure about the term insurance plan’s meaning and are searching for its features and benefits, you are at the right place. A term plan is a life insurance policy that offers a high sum assured at an economical premium. It provides life cover for a specific duration and at a fixed premium. Various factors influence the term plan’s premium, such as your age, assured sum, and policy period. However, this cost remains stagnant throughout the plan’s tenure.

5 Reasons to Buy Term Insurance at a Young Age 1

When you know what term insurance is, let us understand why to buy it at a younger age.

  • To save on premium

Age plays a crucial role in ascertaining your policy’s premium. The premium is significantly lower for a younger person compared to an older policyholder. During this phase of life, there are lower chances of mortality or having any life-threatening ailment. So, you end up paying a cheaper premium for a large sum assured and tenure at a younger age. This cost will be higher when you invest in a term plan at a later stage in life.

  • To avail of tax exemptions

One of the significant advantages of investing in term insurance plans at an early age is that you can start reaping the tax benefits and save more money. The premium you pay towards your term plan is eligible for a maximum deduction of INR 1.5 lakh per annum according to Section 80C of the Income Tax Act, 1961. So, this is a beautiful opportunity to save a considerable sum in the long run.

  • To secure your family’s economic future.

Term insurance offers a high sum assured to your family members. If something untoward happens to you, the amount can be helpful in them. They can use these funds to meet household expenses and accomplish their aspirations. If you find out you have a terminal illness, you can also sell your term insurance policy to pay for your medical care via viatical settlement. It is impossible to know what the future holds. So, it becomes vital to buy term insurance and provide much-needed financial security to your family right from an early age.

  • To reduce the odds of policy rejection.

As your age increases, there is a higher probability of the insurer denying your term policy application, as you are at risk of being diagnosed with life-threatening diseases. Therefore, it is a wrong decision to delay investing in term insurance. When you are young and fit, the rate of mortality is low. So, the possibility of the insurer rejecting your application is minimal. Thus, it would help if you bought a term plan early to avoid such a situation.

  • To create a base for a robust financial portfolio.

Term insurance is the foundation of a comprehensive investment portfolio. To achieve your long-term life goals, you may consider investing in different financial products, such as mutual funds, shares, and fixed deposits. However, what will your dear ones do if an untoward incident occurs? Will the sum of all these investments be enough to help them fulfill their needs and goals? Indeed, you cannot keep the financial future of your family in jeopardy. A term policy ensures that you have a stable portfolio. So, buy term insurance at the earliest and heave a sigh of relief.

Now, when you know the plus points of investing in a term insurance plan at a young age, it is time to search for a suitable policy that meets your requirements.

Related Posts

6 ways you’re probably leaving cash on the table on a day by day basis
Money

6 ways you’re probably leaving cash on the table on a day by day basis

July 6, 2022
Are You Lying To Yourself About Money?
Money

Are You Lying To Yourself About Money?

July 6, 2022
how does a mortgage broker make money
Money

how does a mortgage broker make money

April 20, 2022
Media misreported on reduce cash, 99.99% members are tough-working: TMC
Money

Media misreported on reduce cash, 99.99% members are tough-working: TMC

January 29, 2022
What Is Queen Elizabeth II’s Salary and What Does She Spend Her Money On?
Money

What Is Queen Elizabeth II’s Salary and What Does She Spend Her Money On?

January 29, 2022
Police Urges ‘Cut Money’ Protestors to Lodge Complaints in West Bengal
Money

Police Urges ‘Cut Money’ Protestors to Lodge Complaints in West Bengal

January 29, 2022
Next Post
What is a Good Credit Score and How You Can Maintain It?

What is a Good Credit Score and How You Can Maintain It?

No Result
View All Result

Categories

  • Business
  • Care Services
  • Cleaning Services
  • Customer Service
  • Dessert
  • Diet
  • Drinks
  • Errand Services
  • Exercise
  • Fashion
  • Fast food
  • Fitness
  • Food
  • Gold
  • Health
  • Home Services
  • Kids
  • Lifestyle
  • Market
  • Money
  • Music
  • Office Services
  • Online Services
  • Recipe
  • Services
  • Sports
  • Stock
  • Technology
  • Transport Service
  • Travel
  • Writing Service

Recent Posts

  • NASA discovers pulsar speeding through space
  • West Nile Fever: Health Ministry reviews preparedness in Kerala
  • Explained: Why Qatar is an unlikely suitor for Jet Airways
  • What Should You Consider Before Choosing An Appliance Repair Service?
  • Celebrity Makeup Artist Gives Behind The Scenes Look At Business Side Of Entertainment Industry
  • Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us

© 2021-2022 Dawrimiz All Rights Reserved Dawrimiz.

No Result
View All Result
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us

© 2021-2022 Dawrimiz All Rights Reserved Dawrimiz.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In