Buying insurance when young (in the 25-30 age group) offers many benifits like lower rates and fewer premium compared to getting cover ar age 45 or 50 a insurer tend to link policies to medical history of older consumers.
so life insurance product should be an integral part of your financial planning right from the the begininng , says experts. when young, however most people do not recognize nor acknowledege the need for insurance protection. procrastination in planning could result in financial burdens later. " Ideally one should be insured well before the age of 40." says suresh sadagopan who runs ladder 7 financial services.
Life insurance product are designed to protect family and others who are financially dependent on the policy buyer. hence, the family bread winner ought to be clever and buy cover. For insurance is much more than a tax saving instrument and residual assest pool product. it is financial protection for the dependent.
Term insurance policy are simple life plan with tenure to 30 years and nominal premium.
" The policy will protect your family and secure thier future in the event of your death.
one should buy a term plan early in life as the premium is low. For instance
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