3 Reasons Why You Should Buy Life Insurance Early In Life

Life insurance is crucial to protect your loved ones in the unfortunate event of your demise.  However, sometimes, other financial priorities may actually make you end up putting off buying life insurance. But that is exactly which you must avoid. In fact, it makes sense to buy life insurance early in life. We give you three compelling reasons.

Protect loved ones needed even in early work life Misfortune doesn’t come with a warning. In early work life, you don’t have enough savings to protect your loved ones in your absence. A low cost, high coverage, term plan helps plug this gap in protecting your family when it needs it most.

Take advantage of low premiums Due to lower risk of mortality (or risk of dying) at a younger age, life insurance companies charge lower life insurance premium for term plans bought by the young. As you grow older, you continue to pay the same premium. You pay a higher premium if you buy the life insurance plan later in life.

Good health lowers premium Good health, typically in the absence of lifestyle and other diseases, at a young age, help the young buy large life insurance coverage. This is often without the usual comprehensive medical test.

So, to sum it up, buying a life insurance early on life not only means protection for your family members starting from an earlier age, but also paying lower premiums. Last but not the least you get annual tax deduction of upto Rs 1.5 lakh under Section 80C for premium payments. So, it makes financial sense to buy life insurance as early in your working life as possible.

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