• 30 AUG 2016

    Age is just a number - not when it comes to term life insurance

    In our earlier generation, males only used to consider alliances when the girl would be younger to him. Today, men get married to women almost 10 years elder to them. Sportsmen used to retire at age 35. Not anymore. We regularly see a 39 or 40 year old in cricket teams across the world. Age has just become a number. With better standards of fitness, age has just become a number. It is not as important a factor in a person's life as it used to be earlier. But there is one sector where age does have a bearing on how things work.

    Life Insurance

    In Life insurance, the premiums increase proportionate to your age. On an average, insurance premiums may go up 10-12% for every year of your age. The premiums that you pay, all other factors remaining same, will be more when you buy the policy at age 30 than at age 25. Therefore, it makes a lot of sense to buy a life insurance plan, especially term life insurance, as early as possible. That way, you lock in insurance at a cheaper rate.

    Why do premiums increase with age?

    There are 3 major factors due to which life insurance premiums increase with age

    Higher risk of mortality

    The older you are, the higher is the risk to your life owing to natural progression. This renders you all the more vulnerable at an older age. 

    Closer to life expectancy

    Each passing year takes out one year from your expected life expectancy. The lesser your life expectancy, the more expensive you become as a life for the insurer.

    Probability of worsening health

    Since the probability of health worsening is more as you advance in age, you are at a greater risk of contracting a serious illness and hence the risk to your life is more as you grow older.

    What should you do?

    Insure yourself at a younger age, especially when buying a term life insurance plan like Edelweiss Tokio Life – MyLife+. The younger you are when you buy a policy, the lesser will be your premiums. Generate a quote today for an online term insurance plan by visiting Edelweiss Tokio Life.

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  • 13 OCT. 2017

    Get a Comprehensive Life Insurance Plan for Your Family this Diwali

    While tangible gifts form an important part of the rituals between parents and children for the festive season, some intangible gifts hold a deeper value.

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