When is the right time to buy life insurance?
The ongoing corona pandemic has made many people realise the importance of insurance. There has been a rise in the number of health insurance policies sold online as well as through agents.
The life insurance industry has seen a considerable rise in the number of life insurance policies sold, particularly the term insurance. Some of the long term investors even preferred the ULIPs in life insurance considering the fact that the market is low due to pandemic and this would be the best time to invest.
Coming to the point of deciding on the right time to buy life insurance, few things are to be considered here:
- The younger the better: Life insurance in particular term insurance is to be taken at a very young age. The younger the age the lower the premium. Any person who has started earning should have some form of life coverage. Life insurance should be seen as an investment instead of an expense.
- Liabilities & Loans: One of the most important thing to consider while taking a loan is to secure the life against any mis happenings which may lead to financial constraint for the family in case of your sudden demise. If you are taking any loan be it for House or Car or any other, it is of utmost importance to take insurance to protect the loan payment in case of your sudden demise.
- Dependents: If you are the bread winner of the family and there are dependents on you then it is important to have a life insurance. In case of your sudden demise the proceedings from the claim will help them settle financially without facing any sudden hiccups.
- Life insurance as an Investment: Many people consider life insurance as an expense. This kind of mindset needs to be changed among the masses. Life insurance has to be considered as an investment on your own life. This investment will come handy to your family and save them from sudden financial crunch due to your sudden demise.
Finally it is advisable to “Compare and Take Life insurance” from Policy Bachat where we have a team of life insurance experts to guide you in each and every step.