Gone are the days when life insurance was merely a game for those in the age group of 30-35 years. Gone also are the days when returns on investment rather than financial protection were the motive behind these purchases. People are today buying pure life covers (read: term insurance) as early as during the start of their 20s and are staying in it up to their late 70s.
Let's think about life insurance from a different perspective--age is not the criteria, responsibilities are. The pure life cover term insurance is for the family. It is for your dependants. It doesn't matter if you are a man or a woman, whether you are in your 20s or in your 50s; if there are liabilities and responsibilities (especially financial) then you should get a term insurance. Let's test why it's never too late to buy a pure life cover.
Buying a term insurance at the age of 50 years is no longer a taboo because you are not considered old and infirm.
The 60s are the new 50s
With people marrying and having kids later in life (usually their mid-30s), the late 50s are hardly the age to fade into the sunset, unlike the days of yore. In fact, the responsibility of the head of the family is at its peak when s/he is in the 60s. This is the time when teenage kids are on a verge of choosing higher studies and getting settled. If you are a working couple and have financial responsibilities, a term plan is a must.
These days, retirement doesn't happen before 70 years. Even after official retirement, people tend to continue working. Private companies give a lot of weightage and respect to the experience of veterans making re-hire quite easy. Again, life expectancy has increased so unless a life threatening disease has been diagnosed, most people prefer to work.
Make your spouse self-reliant so that she can walk with her head held high in the wake of an unfortunate incident.
In such a scenario buying a term insurance at the age of 50 years is no longer a taboo because you are not considered old and infirm. Though you may have to pay a little more premium than a 30-year-old person, your salary has increased and so have your liabilities. So it's better to pay up and have adequate financial protection. Buying a term insurance plan insulates a family from any shocks of the future.
Make your better half self-reliant
Term insurance is not for you, it is for your family--most importantly your surviving better half. You can't leave her dependant on kids. Make your spouse self-reliant so that she can walk with her head held high in the wake of an unfortunate incident. A term insurance will guarantee this.
Did you know that unpaid loans are the biggest liability that a family has to deal with post the bread-earner's untimely death? There is a sudden fall in the financial status of the family and it may leave everyone struggling. Don't let that happen to your family. Either pay off all your debts by your 50s or buy a term insurance so that all your unpaid loans can be taken care of and your family can continue to live with dignity, maintaining the lifestyle that you had set for them.
If you don't even buy now (in your 50s) chances are you will be denied a term insurance on the criteria of age later.
It's high time to stop procrastinating
Ideally, you should get your term insurance between 30-40 years of age. But then, this is not an ideal world and usually for the young and hearty, term insurance is not the priority. If you have missed buying a term insurance then there is no harm in buying it at a later stage too because the need and importance of it can't be undermined. All you have to do is to pay a little more now. A little penalty for buying late is acceptable, isn't it?
A word of caution here: If you don't even buy now (in your 50s) chances are you will be denied a term insurance on the criteria of age later. Don't miss the train. Hop on it before it is too late. Term insurance takes care of your family if something is to happen to you. It protects your family and secures them from the uncertainties of the future.
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