Buying an insurance plan is as important as any other tasks to undertake during your life. a person’s life can be divided into different phases. Starting from when their parents are responsible for them, to when they take responsibility for their parents and their own family. Getting insurance is akin to a rite of passage when it comes to bearing the responsibilities of your family.
When it comes to knowing about the “right time” to buy insurance plans for your family, it entirely depends on the type of insurance you are talking about. For instance, if you want to get an online term insurance plan, there is a time which is exactly right to invest in the insurance.
So before getting further into which is the right time to get an online term plan, let us take a look at what term insurance implies.
Term Insurance Plans – What Do They Mean?
Deviating from normal life insurance plans, term insurance is one of the most useful insurance policies when it comes to protecting the interest of your loved ones in the future.
When you get a term plan, you need to make payments at a fixed rate for a certain period of time to get the benefits of the insurance policy. The insurance assures financial security for your beneficiary on the unfortunate event of your death.
However, in the case of term life insurance plans, there is no guarantee of the premium rates once the policy term expires. You have the option to either extend the premium policy with new rates or forego the existing policy.
Some Important Facts About The Term Plan
However, before getting an online term plan you must know all about the little details concerning it.
Following is the overview of online term plans that can help you to make an informed decision about investing in them:
- The plan has a fixed rate of payment during the policy tenure.
- The rate of premium of the term plan changes after the expiry of the insurance period.
- If the insured survives the policy period then they have to forego the premium, without any benefits.
- In the event of the death of the policyholder during the period of the policy, his/her nominee gets to claim the benefits.
- The nominee can choose to either get a lump sum payment or payouts in installments for the sum assured.
- The term plans also provide disability benefits on the event of the disruption of the income of the policyholder.
Therefore with online term plans, you can get excellent benefits and secure the financial future of your family in your absence. But at what point of time should you get a term plan to avail the maximum benefits? Let’s take a look.
What Is The Best Time To Buy Insurance?
Life is extremely unpredictable. That is why it is best to be prepared for any problem that might arise in the future. Securing your family financially is one of the biggest concerns when it comes to getting insurance. But which is the perfect time to get an online term plan going?
Many people are of the impression that it is best to avail insurance when they are in the mid-thirties. But policyholders are unaware of the fact that it might not be the case for most insurance policies.
Especially for term life insurance plans, it is best to begin as early as possible. A person who has achieved an age of 18 years, can get an online term insurance plan. If you choose to begin early, you can avail a much lower rate of premium, than what you will have to pay later.
So let us take a look at the different stages of your life to determine which the best time to avail an online term life plan is.
Is It In Your Early Twenties?
It is the time when you are wrapping up your studies and getting a new job. During this time your responsibilities are much lower. As a result, your expenses are also considerably low. That is why it is the perfect time to get an online term life plan.
Thus this is the perfect time to get term insurance.
Is It In Your Late Twenties Or After Your Marriage?
After you get married, your responsibilities increase exponentially, with insurance becoming a necessity to secure the future of your family. That is why, it becomes imperative to get an insuranc3e during this period.
If you are a parent, then your responsibilities are much higher because you need to provide for the future of your child’s education, extra-curricular activities, etc. Thus, this is the time when you should think seriously about getting an insurance plan without further adieu.
Is It In Your Late Forties/Fifties?
The maximum age of getting an online term plan is 60 years. Thus, even though the fifties might not sound like a good time to get insurance, it is actually quite important to get yourself insured during that period.
As you grow older health risks become much higher. Thus, it is important to make sure your family is well provided for in case of any unfortunate event. With a term life plan in your forties or fifties, you make sure that your family will be secure for whatever the future might hold for you.
Thus, getting you can never be too early or too late in getting an insurance cover. Just find a great online term plan to invest in and you will be able to secure your family’s future.