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What is term life insurance and Is we can take a term life insurance plan after the 45years age for next 30 years?.
Hi Rinku, thank you for connecting with us. Term insurance policies are usually pure life covers that offer high sum insured at low premiums. It is advisable to take a term life insurance policy until the age that you have liabilities (e.g., children's education, marriage, loan repayments, etc.). While pure term life insurance policies do not usually provide maturity benefits, they are effective in ensuring that all your liabilities are effectively met in your absence without having to shell out high premiums as in traditional life insurance. Nowadays, however, there are some term life policies with return of premium option as well.
Yes, you can buy a term insurance plan at age 45 for the next 30 years. Term insurance plans are available for anyone older than 18 years and can be bought until the age of 65 years. However, the premium for a term insurance policy goes up with age, hence it is advisable to take the policy at an early age as the premium remains fixed for the entire policy term. The maturity age can go up to 99 years.
