A person is supposed to reach to a responsible adult’s position by the time he enters in his thirty. At this point of time, you must have a settled career a good job and by the grace of god a good health as well. Everything in your life is going great and you are enjoying every bit of it as well. Isn’t it? This is the time of the life when a person is supposed to make the financial planning for his life ahead. There are things and responsibilities that get doubles with time and the same happens after you turn thirty.
You have many things to control and see and in order to be at the safest side and to provide a security shield to you and also to your family and depends, it is required that you should buy a term insurance. If you are still in the dual state of mind then we are here presenting you the three solid reasons that would make you more firm about the same.
Most Recommended Financial Product: As per most of the financial advisors, everyone recommends term insurance as the best choice and it is because it helps you solve a much bigger risk: risk of death. An unpaid loan, your plan to send the kids to college, financial security for your parents or your spouse. Even if you’re not around, your family will have financial support.
Early Start Lower Premiums: The best benefit about buying term insurance at this early age is this, the younger you are while buying term insurance, the lower will be your term insurance premium. To put things in perspective, a 30-year-old non-smoker could buy a term insurance cover of Rs. 1 crore for as low as Rs. 552 per month. The same amount of term insurance cover could cost three times more (Rs. 1,400 per month) for a 40-year-old non-smoker.
Tax Saving: Tax saving is always an important matter of concern for the tax payers. While investing on term insurance Premium paid toward buying a term insurance can be part of investments under 80C deductions. For better suggestions in this, you can contact a tax service company.
Definitely, there can be no other justifications better than this for investment at the age of 30. It is better to plan for the things ahead of time than to panic at the last moment.