Life Insurance is an essential part of any individual’s financial portfolio. Especially if you are in your thirties. Because, in your thirties, your responsibilities increase or will increase further.
The best age to buy a Life Insurance Policy is by 35 because you pay lesser premiums and get larger sum insured.
Here are 5 smart reasons to buy a Life Insurance Policy in your thirties:
Life Insurance premiums increase with age
Life Insurance companies assess your policy application based on your age and your health conditions.
It is cheaper to buy an HDFC Life Insurance Policy when you are in your thirties. With each year that goes by your Life Insurance premiums increase.
Besides, it is hard to predict what your health condition would be in the future. Purchasing your Life Insurance Policy now when you have good health can save you quite some money.
Life Insurance protects your family from Debt
When you are over thirty years old, it is possible that you have debt in the form of either a Home Loan, Personal Loan, Credit Cards or any other loan to pay off.
A Life Insurance Policy will ensure that in your absence your family doesn’t get burdened with debts. In case you have a Home Loan, an HDFC Term Life Insurance Policy to cover the loan amount is particularly important to ensure your family does not lose the house.
A Life Insurance Policy ensures the financial well-being of your spouse
In your absence, your Life Insurance Policy will ensure your spouse’s financial well-being. If you pass away while your children are still young and dependent, your spouse’s responsibilities will increase. Your spouse can invest the proceeds from your Life Insurance Policy to create a source of regular income. You can also make provisions so that your spouse can receive parts of the claim amount at regular intervals to meet all the expenses.
Your Life Insurance Policy will also enable her to have some savings to meet her needs in her old age.
Life Insurance secures the future of your children financially
Adding the amount required to cover the cost of your children’s education and weddings to your Life Insurance Policy’s sum insured will make sure your children have a secured future.
They can get the freedom to pursue a career of their choice in a reputed educational institute.
Additional riders in your Life Insurance Policy can safeguard you financially in case of critical illness and disability
Life Insurance Policies also provide the choice to include additional covers against critical illness and disability for an extra premium. In case you meet with any such unfortunate events and are unable to work again, your HDFC Life Insurance Plan can ensure your financial obligations get fulfilled.
Usually, most of your financial obligations get over by the time you are about 60 years old. These include children’s education and weddings, paying off Home Loans and clearing off other debt. A Term Life Insurance would be ideal for covering such liabilities. A whole of life policy would be more appropriate for ensuring the financial well-being of your spouse.
Additionally, you get tax-saving benefits on your Life Insurance Policy.
