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Which Term Insurance Plan Suits Your Age?

Published On Jul 06, 2021

We live in an unpredictable world. Hence, it is crucial to be prepared when uncertainty knocks on our door. A term insurance policy is like an umbrella that can help your family sail through hardships. That is why it is advisable to purchase a suitable term insurance plan at a young and healthy age to get higher coverage at low premium prices. However, even if you missed that train, it is never too late to get a good plan. The following article elaborates on some factors which can be considered to purchase a suitable term insurance plan according to your age range.

Which Term Insurance Plan Suits Your Age? 

Read on to find out some tips to remember while buying a term insurance plan according to your age.

1. Age - In 20s

As mentioned above, a term insurance plan purchased at a young and healthy age, i.e., in your 20s, will help you get a high life cover at low premium rates. Moreover, people often avail student or educational loans, car and home loans during this age range. A term insurance policy will also help repay these loans if something happens to you before the policy completion. This way, you can ensure that the financial burden of repayment of your personal loans does not fall on your old parents’ shoulders. 

2. Age - In 30s

This is the age when most people get married and start their family. The responsibilities of your spouse, ageing parents and children on your shoulder necessitates the purchase of an appropriate term insurance policy with adequate coverage, equal to 15-20 times the annual earnings. It acts as a financial safety net that protects your family in the face of an unfortunate event. Here, choosing a term insurance policy with the monthly payment option can act as an income replacement that will help your family carry out day-to-day expenses. Moreover, the lump sum offered as the death benefit can help repay the loans or debts left by you. Furthermore, you can choose the option of increasing monthly payouts, which will help your family avoid financial strain due to rising inflation rates. 

3. Age - In 40s 

Most of the debt and loan repayment obligations are over till you reach your 40s. However, you are still consumed by the responsibilities related to your children’s higher education, the medical conditions of your ill and old parents and retirement planning for yourself etc. Here, a term insurance policy that offers extensive coverage will help you ensure the continuation of the family’s current lifestyle and your children’s future goals and aspirations. So, if you already have a term insurance plan, you can contact your insurance provider to increase the life cover or get an additional plan. However, if you are buying a term insurance policy for the first time, it is crucial to purchase it as soon as possible due to the high risk of illness and diseases involved with increasing age. 

4. Age - In 50s

There is a substantial difference between the premium prices paid on a term insurance plan purchased in your 40s and 50s due to the high risk involved. Even your smoking habit does not affect the premium rates. You can buy a term insurance plan for retirement planning. Moreover, getting a critical illness rider option can help you financially secure yourself if you're diagnosed with a disease. 


It can be concluded that there is a plan for a life assured of every age, and the suggestions given above can help you purchase a good term insurance plan according to your age. You can even consult a financial advisor or an insurance agent to help determine the plan options beneficial for your age. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.     

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