He then decided to come in front of the camera after some time. Worked in many plays. And he was 43 when Munnabhai MBBS was released. The rest is history. Had he pursued his family business thinking he had touched 40, we may have never seen a gem like him on the big screen.
What Are We Getting At?
If you think life's almost over because you're 40, we would say think again.
What if we say the 40s and 50s could be the best times you could live? Think about it!
- You're well poised in your business or job.
- You can maintain a good lifestyle.
- Your children are about to finish school.
- You are paying timely EMIs.
But (unfortunately, life doesn't come without buts) there is a catch.
Life is unpredictable at best. What if (God forbid) you aren't around tomorrow? Who will take care of your loved ones? Well, we are going to talk about this in our article today. Maybe try to wake the Boman Irani out of you!
Jokes apart, you can enjoy life at 40, just like you have been doing so far. The only difference will be you protect your loved ones financially in the event of uncertainty.
Buying a Term Insurance plan is the best way to do that. However, why should you consider a term insurance plan? What good is it for you?
Let's find out!
How a Term Insurance Plan Can Benefit You In Your 40s
Here are some reasons why you should consider buying a term insurance policy in your 40s.
- It Helps You Meet Your Family's Goals: You are now responsible for planning and preparing for your children and spouse as the head of a young family. You must be strategic in everything you do, from your children's education and their future to your career goals and retirement. As discussed above, sometimes life can take you by surprise. An untimely death can have a devastating impact on the family's future. Term insurance can help you to protect your loved ones' dreams. You can make your plans come true in any situation.
- It Offers Debt Protection: You may have borrowed money to build a foundation for a happy life for yourself and your family. You may also have credit card bills or a car loan. You pay these EMIs every month to support your spouse and children. A term policy can help you protect the life you are creating for your family by protecting your loved ones from the financial burden. It can be difficult to deal with financial obligations in the absence of the home's breadwinner. A term policy will not only pay off the debt but also provide financial security for your family.
- It's Easy to Understand and Buy: A term insurance plan can be one of your most straightforward yet the most profitable type of life insurance policies. There is not much to think about or understand. A term plan insurance policy will pay a payout to the policyholder's designated beneficiary in the event they die. Any family member, including spouses, parents, or children, can be nominated as the beneficiary. A term insurance policy also offers high coverage for relatively low premiums. This is why financially prudent people make sure to have at least one type of insurance policy in addition to any other policies.
Points to Consider Before Buying a Term Insurance Policy
These are some things that you should know about buying term insurance in your 40s. Let's see what these are:
- You are Never Late to Buy Term Insurance: The truth is that insurance premiums are cheaper if you buy them earlier. As you age, your risk of death increases, and so does the cost of premiums. Term insurance is the most affordable form of life insurance. Even if you are in your 40s, term insurance rates will still be affordable.
- Considerations for Your Health: You can take advantage of low term insurance rates if you are healthy and keep your body in good shape. You can get term insurance cheaply every month and provide financial protection for your family members.
- Calculate The Debts Carefully: It doesn't matter if you have a mortgage, a car/two-wheeler, or a credit card loan. You need to make sure your term insurance payout covers the repayment of these liabilities. In the event of your death, interest rates on loans and late outstanding credit card debt could become a financial burden for your family. Calculate the costs of these liabilities before you decide on a term plan.
- Coverage is Important: You can choose to reduce your coverage if you have high amounts of liabilities in your 40s. You no longer require a large sum of money to cover debt repayments if you die. With lower premium payments, your term insurance sum assured will also decrease. This would mean as you pay your debts off, you will need a corresponding lesser amount to repay debts when you are not around.
- You Can Use Term Insurance as a Savings Method: Retirement planning will be a popular topic as you approach your 60th birthday. As you look ahead to a peaceful retirement, your investment will also move from the short-term to the long-term. This is where term insurance can come in handy. It is often viewed as an insurance instrument. However, modern term plans incorporate savings components to maximize the benefits for consumers. The return-of-premiums feature allows you to receive your premiums back in full after the term of your policy has ended. Term insurance can be used as a savings tool for people in their 40s, and it can help you save for retirement.
These days, Term Insurance plans are not only meant for death benefits. They offer a host of other benefits, as discussed in this article. The truth is, even if you are in your 40s, a term plan is a good bet for a safe future. Moreover, buying a term plan will make you confident about life. Who knows, you may even wake up your inner Boman Irani!