What Is The Maximum Age Limit In Term Life Insurance Policy?
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In most cases, life insurance policies have a certain requirement when it comes to the minimum age at which you can enter such a policy and the maximum age till which you can hold the same. This is also referred to as the life insurance age limit. There are plenty of myths in life and as such insurance cannot be an exception to the same. There are several assumptions that people have in these cases. A lot of people think that you should buy these policies for a period of 50 or 60 years. Then you have people who think that you need term insurance only after you have retired.
There are plenty of term policies that have a maximum term insurance age limit of 70 to 75 years.
What does the term insurance age limit mean?
If you want you can buy a term insurance plan when you are 65 years old, and at that stage you can cover yourself for up to 99 years of age. The thing with these policies is that you can buy them at any stage between 18 and 65 years of age. Now we would take a look at how you can buy a term policy at various stages of your life.
This is an important factor because the criteria for buying a policy tend to change with one’s age. You also need to make proportionate modifications for the age at which you are buying such a policy. You must know the maximum age for term insurance.
The advantages of buying life insurance in your 20s
This is the period of your life when you have graduated from college or university and have got a new job. The number of people joining the job market with a debt hanging against their names is rather high.
In most cases, we are talking of education loans over here. You can be sure that knowing the age limit for life insurance in India would be significantly helpful for you. In the initial part of your career, you would not be earning a lot of money. Plus, you would have to repay your debts as well. Just imagine what would happen if you die in this period. The entire burden of running the family and paying the debt would fall back on your old parents or relatives. If we assume that they are well prepared for such an eventuality it would not be such a problem.
Together with the money that they get from the policy by virtue of being nominees of the same they would be able to pay the loan back by themselves. That way, they would also not have to deal with financial uncertainty even after your premature death. However, you must know the term plan age limit before you decide to buy the same. One of the biggest benefits of buying a term insurance plan at a young age is that it is easier to buy thanks to the lower premium rates. This is because at this age there is little chance that you would die or become terminally ill.
The advantages of buying life insurance in your 30s
Plenty of people start a family and develop their lives when they are in their 30s. When you grow a family you take on extra financial responsibilities. You need to buy a term plan to deal the best with them, and for that you need to know the term insurance age limit for that policy. In most cases, you would have to take a loan for the bigger purchases such as a new house or a new car.
The advantages of buying life insurance in your 40s
When you are in your 40s your financial obligations would be different as well. At this stage of your life you may have paid off most of your loans but there are still some that remain. This however does not mean that your duties are finished. You need a term plan to deal with them and it is important to know the life insurance age limit so that you are not too late in buying such a policy. At this stage of your life your kids are growing up and you want to make sure that you secure their future the best that you can.
The advantages of buying life insurance in your 50s
Have you bought a term plan yet? If not, this is the best time to do so. For that, it is also important that you know the maximum age for term insurance. Your kids may have grown up by now and become financially independent as well. However, you are getting closer to retirement. This is also the age where your health could be seriously impaired because of one reason or the other. You are always vulnerable to some sickness or the other.
The advantages of buying life insurance in your 60s
Earlier on it was difficult for senior citizens to get life insurance for a long time. However, now that the age limit for life insurance in India has been increased it has become relatively convenient for them to get these policies. Nowadays, people older than 60 years too can buy these policies and stand to gain the benefits of the same. With the help of these policies your beneficiaries can pay off debts in case of your absence, your spouse can be protected financially after your death, and your financially dependent children can be benefited properly.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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