Life insurance is the simplest form of insurance which helps secure the financial future of the insured’s family, following his/her unfortunate demise. It can be purchased anytime, however, it has a changed meaning when purchased at a specific age, owing to variation in lifestyle and financial goals. The best age to buy term insurance is as early as possible. The reason is, one can avail the plan at an economic price due to low risk associated with a younger age. If the advice of financial experts is to be considered, the starting month of the financial year (April) is the best time to reassess one’s financial plans. On the other hand, if one considers the age factor, the below pointers should be kept in mind:

At the Age of 20

The 20s is the most crucial, yet sensitive, phase of one’s life. People start a professional career or start making decisions on their own during this period. Though one may have less responsibility, re-paying debts and impending dependency must be taken into consideration.

In this regard, It helps a person mitigate all these risks. One big benefit of purchasing life insurance at this age is that one can avail a reasonably priced plan with a low premium, since the risk to the policyholder’s life is comparatively less. In other words, younger the policyholder, the cheaper the premiums will be.

In line with this, one can avail plan with a sum assured of Rs. 50 lakh for a yearly premium of Rs. 3776.

At the Age of the 30s

This is the time when most people get married or start a family. With this, responsibilities also increase manifold. Not only people start thinking about securing the future of their child, but also worry about financial liabilities like car loans, home loans or other long-term commitments that require their utmost attention. However, the income usually increases with age and the standard of living also improves, in turn, making the expenses to spiral. Therefore, this the time that one thinks of buying life insurance to protect the financial future of the family. One can go for term plan with a monthly income option. This plan allows availing a monthly lump sum amount to pay-off the debts, if any. This could be a great financial backing for the family and can help bear day-to-day expenses in the absence of the sole earning member.

At the Age of 40

At the age of 40s, usually, there are long-term debts like home loan, car loan etc. Moreover, responsibilities like a child’s higher education, retirement planning, expenditure on old parents’ ill health etc., need a considerable amount of someone’s finances. Thus, one will require a comprehensive cover that secures the future of his/her family. Buying a plan with a larger sum assured is recommended at this age.

When a 40-year male non-smoker can purchase policy with Sum Assured of Rs. 50 lakh, the premium will cost around Rs. 7198/year. The same Sum Assured at the age of 50, will be available at Rs. Rs. 12,626/year. So, one shouldn’t delay in buying life insurance.

At the Age of 50

When someone is more than 50 years old, the premium of life or term insurance appears to double as compared to what a 30-years old pays. No matter if one smokes or not, the premium will always be higher at this age. Despite this, it is recommended that one invest on a plan, especially if he/she is the breadwinner of the family or has huge financial liabilities to pay off.

At the Age 65

Many may think that over 65 years of age, they won’t be able to avail term or life insurance coverage. But, it’s not like that. One can buy it. The only thing he/she has to compromise on is the policy term, i.e. at this age, going for a 30-year plan doesn’t make any sense nor would one get the approval. Moreover, there are senior citizen plans specially designed to cater the needs of this age group. These plans come with affordable premium as well. At the age of 65 or more, one can go for a term or whole life that offers complete financial protection when there is no or less inflow of money.