20 APR 2017
How does age affect life insurance?
Meet Gagan. He is a thirty-two year old who is a father, a husband, and a son. He works at one of the leading MNCs in the country. It is after years of hard-work, determination, and persuasion that Gagan has reached where he is today: his family is well-provided for and he is assured that his wise investment will lead to a better future.
This begs the question: What were these wise investments which had made Gagan very confident?
Gagan recently bought a term insurance policy once he realized that if an unfortunate event of death were to happen to him, his family would be affected very adversely. To oversee any shortcomings, he bought a term plan with a life cover large enough to see his family through any difficulties.
He was pleasantly surprised when he calculated his premium amount; it wasn’t as much as he had expected it to be. His young age worked in his favor; his wife had jokingly called it an “early bird discount”. Moreover, his perfect health record also reduced the premium; never had he imagined that eating right and staying fit would be so beneficial. Perhaps after a few years, his health in general wouldn’t be as good, making insurance more expensive.
At thirty-two, he was growing financially and he was no longer that inexperienced child of twenty-five, going to office on his first day of work, trembling in shoes that were too big for him. He now had the experience and the money to decide where to put his money for it to multiply over the years. He knew what his needs were and what his family’s needs were. He fully intended to send his children to best possible institutes for education and plan on regular family vacations.
Based on all these factors, he made the educated decision of buying a life insurance at a young age; this would not only give him a healthy sum for his retirement or to clear any debts, but it would also look after his family monetarily in case anything were to happen to him.
Buying a life insurance policy at a young age is very beneficial. You not only have the advantage of paying a lower premium as compared to your parents but you also have the assurance of a financially secure future for your family.
18 JAN. 2018
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