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Why You Should Consider Term Life Insurance in Your 30s?

Published On Jul 24, 2021

Buying a term insurance plan in your 30s can come across as a great idea as by this age you are in good health, and have a fantastic career with a decent salary. You are planning to tie the knot or have just started with a new family, and are at a phase wherein the rest of the members depend on you financially.

Afore-mentioned are a few examples of why purchasing a term insurance plan in your 30s is a practical approach in order to secure your loved ones financially in your absence. Purchasing a term insurance plan in your 30s comes with its own set of benefits, let us know some reasons as to why buying it at the age of 30 is a smart choice.

Reasons to Purchase Term Insurance in Your 30s

Given below are a few reasons stating why purchasing a term insurance plan in your 30s can prove to be a smart move:

1. Lower Premium Amount

Purchasing a term insurance plan early in life means you are required to pay a lower premium amount. As in your 30s, you are healthy and have still not acquired any lifestyle diseases such as diabetes. So, your insurance company considers offering a term insurance plan to an individual in their 30s safer as compared to offering an aged person.

2. Tax Benefits

All of us are forever on the look-out for various options to invest our money and save on income tax. There is good news for you, payment of premium towards purchasing a term insurance plan is a part of investments and is tax deductible as per section 80C of the Income Tax Act.

3. Offers Financial Security

Purchasing a term insurance plan is significant in case you are the only earning member of your family. It may so happen that you could have taken a huge loan like a car loan, car loan or would be having any other financial liabilities. If any unforeseen event occurs, then a term insurance plan assists in covering the risk associated with repayment of loans.

4. High Coverage at Low Premium

When you buy a term insurance plan early in life, you can protect your family financially at an affordable price from the uncertainty of the future. As your age increases, the amount of premium payable also rises. Therefore, for an earning member of any family, purchasing a term insurance plan early is very important. This is because a term insurance plan would offer your loved ones the much needed financial assistance in your absence.

5. Term Plan Offered by Employer May Not Be Sufficient

At this age, you may be at a peak of your career and may even be thinking of possibilities to switch your jobs to get better career opportunities or may even be planning to begin a start-up. Term plans provided by your employer may not be portable and might end as soon as you decide to leave the company. Therefore, it is best to rely on your own judgement rather than on anyone else. It is advisable to buy a term insurance plan in your 30s as it is quite economical for you at this phase of life and provides the best risk cover for your loved ones.

At the End

Although, we hope that nothing uncertain happens with us or with our loved ones yet turning 30 can bring lots of transformation in our lives. Life is full of uncertainties and you never know  a surprise gets thrown at your door. Therefore, it is always smart to be well prepared in advance to deal with whatever is in store. Purchasing term insurance would not just offer you financial stability but also the much needed peace of mind.

Also read - Common Myths on Buying Term Insurance Busted

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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