First, let me put the entire scenario in a nutshell for a snapshot view. A term insurance is a low cost high protection plan !!
Now, to get into the details, a term insurance is one of the best choice a smart investor would opt for, especially it’s the right cup of tea for budding investors. There is no cash build up value attached to this plan, but considering this as a disadvantage is a big mistake. Though you will not get back the money you invest in term insurance plan, the coverage you obtain for the specified period of time is so ample. The amount of the plan and the duration has to be fixed with a sensible note, for which budding investors can take the help of investment advisors.
Eligible and Policy Tenure
A person can buy term insurance from the age of 18 to 65 years, but as with any other investment, the early you invest, the less would be premium. In this insurance policy, you can either choose to pay your premium amount as a single premium, for which the coverage period would be 5 to 15 years or monthly premium, with a minimum of 5 years to a maximum of 35 years.
Right Age for Term Insurance
The early you buy a term insurance, the more your benefit would be. So, soon after your 18th birthday celebrations, you can call up for an insurance advisor to know about the term insurance policies.
Term insurance gives investors the freedom to choose between single or joint life insurance schemes, which is one of the main flexibility that you can obtain with this policy.
Be Careful About
When buying term insurance, make sure that your policy gives you enough risk coverage and life coverage. It is one of the least expensive insurance policies that give you generous life coverage. So, just go for it !!