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As the head of a young family, you have to see life from a different lens now - one that accounts for the wellbeing of your loved ones even when life throws the sourest lemons your way. A term insurance policy is a great way to help you excel as a provider and caretaker of your family by taking the worries stemming from life’s uncertainties off your shoulder.
A term policy is a type of life insurance policy you should get depending not only on your age but also life stage. So, even if you’re 27 but you are married and a young parent, a life insurance term plan is essential as you navigate this amazing yet responsible phase of your life.
If you’re wondering why a term policy is crucial for you right now, here are the most relevant reasons that may help you make a wise decision.
1. Helps materialize your family’s goals and plans
As the head of a young family, you now have the responsibility to plan and prepare not just for yourself but also your spouse and children. From your children’s education and future to your and your spouse’s career goals and retirement, you have to be strategic about it all. But planning is not where your job ends. You also have to make preparations for the worst-case scenario.
Plans can be fragile. Life can, at times, take you by surprise. The untimely demise of a person can affect the future of his/her family. A term insurance plan can help you protect the dreams of your loved ones. It can help your plans materialize smoothly in every situation.
2. Protects your family from the burden of debt
To build the foundation of a good life for you and your family, you may have taken loans, such as a home loan, and repayment may take long. In addition, you may have debt in the form of a car loan, credit card bills, etc. The reason you pay these EMIs every month is that you want to take care of your children and spouse.
A term policy helps you safeguard this beautiful life that you’re building for your family even if something adverse happens. A life insurance term plan would prevent the burden of debt from falling onto your family’s shoulders. Dealing with financial liabilities can be distressing. Besides taking care of the debt, a term policy would also ensure that your family can maintain their current standard of living.
3. Offers a better deal for those young
Age is not just a number! It is something you can capitalize on in your 20s and 30s if you’re smart about it. Typically, the premium remains the same for the term insurance plan throughout its tenure. As a young person, you can get a good deal on the premium amount and keep reaping term insurance benefits even as you grow older. An affordable premium also means that you don’t need to delay buying term insurance until later.
Another advantage of getting a term policy plan at a younger age is that the chances of your policy application getting rejected are low. Pre-existing medical conditions and health complications can often be grounds not just for a higher premium but also a rejection by the insurer. Hence, the earlier you get the policy, the more affordable and easier it will be for you.
4. Allows you to follow your dreams responsibly
While this stage of your life is full of responsibilities, it is also the time when you can be adventurous because you’re still young. It is important to consider the goals you want to pursue in life as a young, enthusiastic individual. But before you go ahead with your dreams and desires, it is essential that you financially secure those of your family.
For instance, if you have a dream to start your own business, you should get a life insurance term plan before quitting your nine-to-five job. It may prove to be a little difficult to get a good deal on the policy when you don’t have the same stable income. Another term insurance benefit is that it can also work as collateral for some loans.
5. Simple and straightforward to understand and buy
A term insurance plan is one of the simplest yet one of the most fruitful life insurance policies. There’s not much you have to ponder over or understand. A term insurance plan will offer a payout to the nominee of the policyholder in the event of their demise. The nominee can be any family member, including the spouse, parents, children, or siblings.
Another major upside of a term insurance policy is that it offers high coverage at comparatively lower premiums. This is why most financially prudent people ensure to have at least one term insurance plan in addition to other insurance policies.
Getting a term policy as a young parent and breadwinner is one of the best decisions you can make given the uncertainties of life. And as you now know, there are several good reasons to get term life insurance as a young adult. The only thing left to do is choose a plan that suits your and your family’s needs.
Tata AIA Life Insurance has a range of term insurance solutions to help you safeguard your family’s abundant future. You can get a life cover up to the age of 100 and can choose to increase the cover in the future depending on your changing needs. Other benefits offered by Tata AIA Life Term Insurance include a payout in case of a terminal illness diagnosis, the option of one-time premium payment, and discounted rates for leading a healthy lifestyle.
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Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.