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Today Date : Friday, May 24, 2024

Term insurance needs to evolve with every stage of life

Term insurance needs to evolve with every stage of life

While term insurance may seem like a one time decision,in reality, it needs to be reviewed as you continue to age.
Inflation, change in income, change in expenses, growing family there are countless factors that keep influencing one’s financial condition. Term insurance, being a forward looking decision, makes sure that all these factors are taken into cognizance while deciding your coverage at every stage of life. Rhishabh Garg, Head Term Life Insurance,  Policybazaar.com.: “Contrary to popular belief, term insurance is not only for those with familial dependency. 
In fact, it is encouraged to buy young and avail of lower premium rates. Potential health risks and other hazards are often at bay at a young age and so, one falls under a low risk profile, thereby qualifying for high coverage at a low price. For instance, a 25-year-old salaried individual living in Delhi can opt for a cover of Rs 50 lakh at a
monthly premium of Rs 400-600, which is quite reasonably priced.” Overall, term insurance is a non-negotiable requirement at every stage of life and so, it’s important to keep assessing your needs and choose a plan accordingly so that it doesn’t fall short when your dependents need it the most, according to a statement from policy bazar.