17/07/2018
Life Insurance for Young Working Professionals
If you are young and working, there is no time like now to get yourself adequately insured. There is just too much sense not to do so.
Young Indians are better placed today to move out of home in search of better career and job opportunities. The engineering, medical and management colleges are churning out lakhs of new professionals every year. When these young professionals fan out on their quests, the need for them to be appropriately insured becomes of utmost importance.
However, as a youthful professional, ensuring your life does not seem that important. Unless you have a loan liability that needs to be repaid. Or perhaps you have parents who are dependent on you. The life insurance is the security against your not being there to take care of them financially.
Such obligations and liabilities aside, there are solid reasons for getting yourself insured at as early an age as possible. It simply makes too much economic sense,
The major argument for a life insurance policy at an early age is that you can get it at a very low premium. The premium for a traditional term plan increases appreciably with age. At age 25 you can get a term insurance cover of Rs. 10 lakh for a period of 30 years for an annual premium of about Rs. 3000. You apply for the same at age 35 and the premium increases to Rs. 4500. Also, after passing a certain age you will have to go through medical tests without which you will not get a policy. As age increases, chances of various malaises such as diabetes, hypertension, heart disease increase, which makes you lesser and lesser attractive in insurability terms.
Moral: It is always advisable to take term insurance at as early an age as possible.
Source: https://www.apnapaisa.com/
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