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Why Should You Buy Life Insurance In Your 20s?

Your 20s are your prime years – you get the opportunity to live, love and laugh! But it is equally important to preserve these assets. And to do so, you can buy a life insurance plan so that you can be worry-free about the unforeseeable future.

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Buying life insurance at a young age offers several benefits that can help you financially in life. From locking in lower premiums for life to ensuring financial protection for your loved ones, there are multiple reasons to buy life insurance plan during this stage of your life. Let's understand why buying life insurance in your 20s is an important decision.

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Is Life Insurance A Smart Choice During Your 20s?

Life insurance is a smart choice for all age groups, but when you’re in your 20s, it is one of the best decisions. Let’s discuss why.

Life insurance is a strategic move that lays a solid foundation for your financial future. While many young adults may perceive life insurance as a concern for later stages in life, getting coverage early offers unique advantages. Think of it as setting up a financial safety net while you're at the peak of your health and career. Also, you enjoy a low premium for the entire policy term, which is much lower than premiums during your 30s or 40s. 

Premium in your 20s Premium in your 30s Premium in your 40s
Rs. 531/month Rs. 1013/month Rs. 1956/month

*Note: These premiums are for individuals aged 21, 31 and 41, respectively, who earn an annual income of Rs. 12 Lakh, buying a 1 Crore term plan for 30 years policy term.

Source of Information: Policybazaar 

The life insurance premium in your 30s is almost double the premium in your 20s. And similarly, the premium in your 40s is almost double the premium in your 30s. Therefore, buying a life insurance policy early in life helps you get high life cover for very low premium rates. Here’s a graph representing the premium rise with increasing age.

Rise in Premium with Increasing Age Rise in Premium with Increasing Age

*Note: The vertical axis portrays Premium Rates, while the horizontal axis portrays age groups.

This chart depicts a substantial rise in your premium rates as your age increases. When you’re 21, your premium is Rs. 531/month (for the entire policy duration). Likewise, 10 years later, the premium rises to Rs. 1012/month. And by the time you are in your 40s, your premium is Rs. 1956/month.

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Why Should You Buy Life Insurance In Your 20s?

Here are reasons to buy life insurance in your 20s:

  • Early Advantage: Buying life insurance in your 20s offers cheaper premiums compared to purchasing it in your 30s or 40s. Premiums rise with age, so starting early saves money in the long run.

  • Support for Dependents: Young professionals often support their families financially. Life insurance bought in your 20s ensures financial protection for dependents in case of the policyholder's demise, easing the burden of loans or debts.

  • Premium Lock Benefit: Buying life insurance early locks in lower premiums for life, saving you money over the policy's duration.

  • Easy Purchase Process: Buying insurance has become simpler than ever. Compare plans and premiums online, or use a Term Insurance Calculator to estimate your premium and buy the best life or term plan, depending on your needs and situation.

  • Long-Term Protection: Buying life insurance policy in your 20s ensures long-term financial security. You can choose a policy with a term of 35 to 45 years for peace of mind in the future. You can also buy a whole life insurance plan to receive financial security for your entire life.

  • Lower Rejection Rates: Age greatly affects acceptance rates for term insurance. Rejection rates increase with age, especially above 60, due to health concerns. In your 20s, the likelihood of rejection due to health is minimal.

  • Tax Savings: Besides financial security, a term insurance plan qualifies for tax benefits under Section 80C of the Income Tax Act, providing additional savings.

  • Additional Coverage: Insurance providers offer riders for added protection, such as disability, critical illness, or accident cover, enhancing your overall coverage.

How To Buy Life Insurance For People In Their 20s?

Step 1: Visit the official website of Policybazaar and click on Life Insurance.

Step 2: Select the type of life insurance plan that you want to buy, i.e. term plan or investment plan.

Step 3: Fill in your basic details like name, DoB, contact number, and gender.

Step 4: Answer the questions regarding your tobacco/smoking habits, annual income, occupation type, and educational qualifications.

Step 5: Select the life insurance policy which is most suitable for you and finally, proceed to pay to complete the process.

*Note: You should first know what is term insurance before proceeding to buy it.

Things To Consider Before You Buy Life Insurance In Your 20s

Here are some of the key points to consider before buying a life insurance in your 20s:

  • Determine your life insurance coverage, based on your lifestyle, future goals and dependents’ needs.

  • Go for a long-term plan to protect your loved ones for longer duration and enjoy lasting peace of mind.

  • Select term insurance riders carefully based on your needs and to cover yourself from added risks.

  • Check your insurer’s claim settlement ratio before buying one of the best term insurance plans. Ideally, you must choose an insurer with CSR over 95% for 5 consecutive years.

Wrapping It Up!

Life insurance is crucial for your family's financial security. Buying it in your 20s offers multiple advantages, including affordability, higher sum assured, additional protection with riders, customizable coverage, and helping you save corpus for the future. You can easily enjoy these benefits by buying life insurance online. This allows you to monitor your policy features and make adjustments as needed. Remember to stay invested for a longer policy term to maximize benefits for your family.

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