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It’s a common notion that if you are young, you don’t need insurance. Such beliefs can be misleading; without understanding the importance of insurance, you should not jump to conclusions! Just because you have fewer responsibilities and no dependents, it doesn’t mean you cannot secure and plan your future in advance.
Term Insurance plans are one of the most basic financial demands of life. It protects your family's financial future when you are not around. It also provides a comprehensive life cover at a reasonable price and is easily accessible. These advantages multiply when you choose to buy insurance early in life, let’s explore!
The affordable price of term insurance is one of its advantages. When you are young and fit, the insurance company considers you as a less-risky customer and provides coverage at a cheaper price. This is simply why a younger individual pays a lesser term insurance premium as compared to an older one. Also, if you get the policy when you are young, you won't have to pay more as you become older to remain protected.
Longer Coverage Term
Term insurance policies can be purchased for a longer coverage period, up to twenty or thirty years. You may get a term insurance plan for a longer period if you purchase it a bit early in life. This helps you to stay protected at a minimal price for the longest possible duration.
Chance to Increase Cover
Riders are one of the attractive features of comprehensive life insurance plans. They are additional coverages that serve to broaden the scope of your term insurance policy's protection. Riders are an additional cost. However, as buying term insurance is inexpensive while you're young, you can easily spend some extra money to get the necessary riders. Just read over the list of riders and decide which ones are best for you. The accidental death benefit rider, critical illness benefit rider, waiver of premium rider, etc., are a few of the most popular term insurance riders.
Insurance policies are widely available online, and you can find suitable coverage with just a few clicks. The procedure is really simple, convenient, and quick. Also, when you're young, the insurance company is unlikely to urge you to have a pre-policy health check-up. This adds to the list of advantages of getting a term plan of your choice right from the comfort of your own home.
More Room For Other Investments
It's vital to be insured to protect yourself and when you get term insurance at a young age, you don't have to pay big bucks. Hence, you can save a lot of money to invest in other platforms. This is a significant benefit of purchasing term insurance early in life. As you get older, insurance expenses suck up a larger portion of your income, leaving you with little room to spend on lucrative alternatives.
Last but not least, term insurance has a number of tax benefits as well. The term insurance premiums you pay are eligible for an income tax rebate under section 80C. Then, if you add a critical illness rider to your insurance, you can save money on taxes under section 80D. As you can see, buying term insurance as a young adult is really fruitful!
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