Prioritising things based on dreams and goals is important to live a stress-free life. However, life is all about expecting the unexpected!
There are several ups and downs for which we must change the course of life to act according to the need of the hour. Financial matters work similarly. We always save money towards a certain goal but then must pay for unexpected expenses.
Thus, possessing an insurance plan is key to having financial security at all times. Investing in a term insurance plan right from early on in life eliminates the worry that comes with financial uncertainty. Investing in a term life plan early gives you an added advantage like low premiums for better coverage.
Let’s learn about term insurance and take a look at some of the perks of buying a term insurance plan at a younger age!
What is term insurance?
Term insurance is nothing but a type of life insurance plan. In a term insurance plan, if the policyholder passes away during the term of the plan, then the beneficiary receives a death benefit. However, for the term insurance plan to remain active, you must pay premiums regularly.
A term insurance plan ensures that your family’s financial future is secured and they don’t face financial burdens. It makes sure that your family doesn’t have to bear the weight of your debts and loans as they can easily pay off the debts with the death benefit received.
But the perks are not simply restricted to death benefits. You can also get covered against disabilities – partial and permanent.
Benefits of buying term insurance at a young age?
There are several reasons why you should consider buying a term insurance plan at a young age.
a) Lower premiums.
When you are young, you tend to be fit and highly unlikely to suffer from illnesses. Hence, you can pay lower premium amounts. The most important reason to buy a term insurance policy early is to pay less and secure the financial future of your family for a long time.
b) Financial security.
A term life insurance plan can eliminate the unwanted stress and burden of debts and loans on a family in the event of the policyholder’s death. If you are the sole breadwinner in your family, then you should choose to get a term insurance plan immediately as your family depends on you financially. A term insurance plan will guarantee the financial security of your family.
c) Tax benefits.
With a term insurance plan, all your premiums and even death benefit are made tax-free under the Income Tax Act of Section 80D. You can claim a tax deduction on the premium paid towards a term insurance plan. This benefit is applicable to everyone irrespective of age.
d) Live a stress and worry-free life.
Owning a term insurance plan eliminates all the unwanted stress and burden of securing your family’s financial future. Moreover, the premiums of term life insurance policies are easily affordable, and you can avail them as soon as possible with ease
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