What Is A Good Age To Get Life Insurance?

by Roma Sharma adviser

Know when is the right time to get a life insurance policy. Learn about the various factors that play an important role, and influence the decision of a lifetime.

The answer to this question is not that simple. It is a bit of a debate, ‘when should you get a life insurance.’ Some suggest that a life insurance policy is as important as a vaccination. A vaccination protects an individual against fatal diseases. These diseases are difficult to cure when they strike, so it is suggested one takes protection against them early on. Similarly, a life insurance protects the family of an individual against financial hardships in the absence of the prime earner of the family. The right time to apply for a term insurance is when one starts earning. The bread earner’s income supports the other non-earning members of the family. If the earning member is no longer there, the dependents will go through financial hardships. A term insurance plan can provide them financial support in such cases.. Therefore, one should prioritize buying a life insurance once they have started earning.

So, to answer the question, the right time to get a life insurance policy seems to be between the age of 25-30. That’s when most people have already started earning. Be it working as a professional, or doing a business, this is the age in which there are plenty of chances to save money. Marriage is still at least a few years away, having kids sounds like a far-off idea, and settling down is something that can be put away, for now. It is in these years that most people prioritise splurging and indulgence than having a conservative mindset about money.

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Source: https://yourexpertguide.wordpress.com/2018/02/22/when-should-you-buy-a-life-insurance/