Most of us are tempted to ask the question: Why should we buy life insurance at such an early age? We should remember that thirties is the prime decade of our life when we are settled in our career and are burdened with few responsibilities. According to most financial advisors, getting life insurance at thirty is a practical and prudent approach to economic planning for a secure future. Here are eight reasons to clarify the need to buy life insurance in our thirties.
Economic security for family: It is quite normal for most of us to start a family when we reach our thirties. A life insurance plan will cover the financial security for your loved ones.
Early beginnings ensure affordable premiums: Lower the age at which we buy the policy, lower is the rate of the premium.
Term policies: There are several types of life insurance to suit your needs. While a level term ensures equal premium and death benefits, decreasing terms mean decreasing advantages with the progress of time, hence these are relatively cheaper.
Coverage of debts: Mortgages, unpaid student loans as well as credit card debt will be covered by your term policy even after your death.
Tax deduction: Under some constitutions, the premium paid for the insurance is considered an investment for which tax would not be levied.
Locking premiums: Unlike health insurances, you can buy life insurance and lock the premiums ensuring that the amount will not increase during the tenure.
Amenities for children: Many types of life insurance policies cover extra expenses for children without constricting your lifestyle.
Business expenditures: Purchasing life insurance policies mean there will be capital left to execute business deals if a mishap occurs to the owner.
Additional Read: Top Reasons Why You Must Opt for a Life Insurance Policy
Being responsible for your future might not be fun, but it is rewarding in the long run. Turning thirty means entering a major phase of one’s life. At an affordable rate, you can secure a comfortable future for yourself and your family.
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related home and car insurance. She also provide you with knowledge about home improvement and cooking.