Term Life Insurance for 18-year-old

Financial advisors always suggest that you should get a term insurance plan at a young age as it increases the security for the future while decreasing risks considerably.

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But do you know why it is important to receive term insurance at a young age as compared to later years in life? Let’s find out why:

Importance of Term Life Insurance for 18-year-old

With the changing needs and a continuous rise in health problems, it is becoming important for individuals of all ages to protect themselves and their loved ones. So, Term life insurance for 18-year-old is important in today’s ages for a number of reasons:

  1. Increasing health problems

    Those days are gone when poor health issues were used to be related with old age. Nowadays, even children are facing severe health problems. This brings about a need to financially protect yourself and your family members from any eventuality. With a term insurance plan, you can leave a large amount of money in case something unfortunate happens to you and you were no longer will be there to take care of your dear ones. The critical illness cover can be added to a base term plan that provides you funds to fight against a serious disease.

  2. Outstanding debts/loans

    If you have availed of loans to achieve your objectives like buying a home or a car, you will need a financial shield in case you were not there to repay them. Long-term ailments, permanent disability, etc., can also be some of the cases where you can lose your capability to earn. A term insurance plan helps you and your loved ones in all these difficult situations.

  3. Protection for Life

    In case of an unforeseen event, the future objectives of your financial dependents can be secured with a term insurance plan. The life cover amount from a term plan can be used for various expenses like the education of children, and your partner’s daily requirements. This can help them live their lives peacefully.

4 Reasons Why You Should Buy Term Life Insurance for 18-year-old

The importance of term insurance at an early age is discussed in the above section. But it is also very important to know why one should buy a term plan at 18 years of age. Here are some of the benefits:

  1. Low Premium Rates

    The premium amount for term insurance is significantly lower for young individuals. As you age, you are likely to suffer from more health problems, which eventually can increase the premium costs. So, the earlier you buy a term insurance plan, the more amount of money you can save over a period of time. The chances for rejection by the insurance company are also low when you are at an early age.

    Here is a table that illustrates how the premium amount varies with the policyholder’s age for the same amount of life cover. The policy amount is taken in this table is Rs. 1 Crore.

    Age Monthly Premium Amount (Rs.)
    18 Rs. 478
    25 Rs. 498
    30 Rs. 556
    35 Rs. 703
    40 Rs. 1015

    As you can see that an individual who is 18 years old, would be charged a monthly amount of premium Rs. 478 for a term plan of Rs. 1 Crore. However, if you reach 25 years, you are likely to pay a monthly amount of Rs. 498 for the same cover.

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  2. Flexibility

    Term life insurance for 18-year-old also provide the option to increase the sum assured at important life stages such as marriage, 1st, and 2nd childbirth, as per your changing requirements.

  3. Tax Benefits

    Term insurance plans provide tax-saving benefits on premiums paid up to Rs 1.5 Lakhs per annum u/s 80C. Also, the payout received by the policyholder’s family is free of taxes u/s 10(10D) of the ITA, 1961. So, a term insurance plan is serving the dual objective of a pure protection tool and tax savings tool.

  4. Additional Protection

    When you opt for insurance to protect your family’s future, it is smart to choose the added benefits and coverages for complete financial security. These term riders enhance the base term coverage by paying a minimal amount of premium.

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