Why Should You Consider Buying a Term Insurance Plan in Your 30s?

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  | Published: 17 August 2021

Buy a term plan and secure your family

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At an early age, when we are young, healthy and capable of dealing with all kinds of financial risks, buying a term insurance plan is the last thing on our priority list. Our responsibilities are less in this phase of life, and we do not need insurance or any financial security to deal with them. 

Contrary to the popular belief, buying a term insurance plan at an early age is important and beneficial too. While we wish nothing unfortunate happens to us, we still need to be prepared for all kinds of uncertainties, like loss of a job, accidental disability/death, etc.

In this article, we will take you through various reasons to explain why buying a term insurance plan at an early age is important. You’ll also get a glimpse into what you should consider buying term insurance in your 30s if you haven’t done so already.  

Reasons for Buying a Term Insurance Plan at an Early Age

Here is a list of primary reasons that you must consider before buying a term insurance plan in your 30s.

#1 Best Financial Product

Term insurance is one of the most recommended financial products in the market. Unlike other investments, such as mutual funds, pension plans, and life insurance policies, term insurance plans take care of the most considerable risk to your life – the risk of death.

Most people approach aggregators and financial advisors to find the best investment plan to keep their retirement years peaceful. But a term insurance plan, along with providing financial security to your loved ones, manages to cover all your financial liabilities in your absence.

The best part about term insurance is that it costs a lot lower in comparison to life insurance plans. You may need to pay just 2 percent of your total income to get coverage of 20 times more than your current income. To start investing in a term insurance plan can turn out to be the best financial decision you could ever make.

#2 High Cover at Lower Premiums

You usually remain healthy before you turn thirty. Lifestyle diseases do not start to affect you. This means buying a term insurance plan when you are physically fit can get you high cover at affordable premiums. Additionally, you will be termed healthy in all the required medical check-ups that the insurance company will conduct before approving your term insurance plan application. 

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#3 Lock Your Insurance Premiums

Unlike health insurance plans, with a term insurance plan, you can lock your premium amount. And as we already know how you can get an affordable premium when you are young, it is the best idea to buy one at an early age. Usually, at the age of 30, you start to learn to manage your finances. Your family may be dependent on you till the age of 65. You may repay all your loans by the age of 50. And the best part is that you have it all planned up. 

But what if an unexpected event takes place? And you are no more around to take care of these liabilities? Your term insurance policy must cover your family to take care of these active loans and liabilities. So even if you are earning and investing in a considerable amount, you still need financial support for your family to help them in the event of your untimely demise.

#4 Cover Your Dependants

By purchasing a term insurance plan early, you can secure your family’s financial future. It brings you peace of mind, thinking that your family will have enough funds to fulfil all their financial needs even if you are not around. If you are the sole breadwinner of your family, it is your responsibility to cover your dependents financially. A delay in buying term insurance can lead your loved ones to tremendous financial risks. 

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#5 Term Insurance from Your Employer May Not Be Enough

You are lucky to have an employer who cares about your family’s future. But it is not the best idea to entirely rely on the term plan your employer provides you. In your 30s, you are at the peak of your career and might switch jobs to find better opportunities. And the term insurance plan provided by your employer may not be as portable based on the requirements. That is why you must plan to buy your own term insurance plan at an early age to get budget-friendly premiums and a sufficient risk cover for your family. 

The Bottom Line

Buying a term insurance plan is a smart move at any age of your life. But buying it early comes with a lot of benefits like a high sum assured, lower premiums, etc. And you may miss out on them if you don’t purchase it in your 30s. 

Make sure you buy the right term insurance plan to avail all the possible benefits. You can check and compare various term insurance plans online or get in touch with us; our insurance experts will help you find a suitable term insurance plan based on your financial needs.