How age plays an important role in your decision to buy insurance

By Vaidyanathan Ramani

Nowadays, it is best to insure everything to avoid any unexpected loss. However, many people think that having insurance is like wearing an umbrella all the time. No doubt this can be an extra burden most of the time, but yes, do not you feel happy when it rains? The umbrella is here to protect you! In the same way, a good insurance policy is the key to a healthy and prosperous financial life.

There is a plethora of insurance plans on the market, and most financial experts advise that it is very important to have these insurance policies at the right age. When buying an insurance plan, it is always important to keep in mind your specific situation and several other factors.

Here we briefly explained what insurance plan is important to you and how old you should buy it. While reading, remember that insurance policies are largely personal and that your life must change, your coverage must do the same!

Life insurance is one of the top insurance plans to buy in your twenties to protect you from unexpected risks. The main benefit of buying a term insurance plan at a young age is the lower premium rates. Anyone who takes out 25-year term insurance is expected to pay a premium of Rs 7,000 for a period of 30 years, while a person contracting the same 30-year contract pays a premium of Rs 9,000. Health insurance is another vital insurance plan that you must take out at this age. With the sedentary lifestyle we follow today, the chances of getting a lifestyle-related illness are very high. In addition, an accident can happen anytime and anywhere. But with the right health insurance plan, you are effectively covered for years for the treatment of any lifestyle-related illness or accidental injury.

The health insurance plan can be further improved by adding riders, including critical illness insurance, maternity insurance, etc. People in their twenties often feel the need to own a car or a bike and so it is very important for them to understand insurance is as important as obtaining a driver's license to drive this car or this bike. The premium rates for two-wheel and two-wheel insurance are totally dependent on the age, make, model and engine size of the vehicle.

When you enter your thirties, life usually begins to settle and your priorities tend to evolve, with the career and family taking the lead. And with these big priorities come additional responsibilities. To take better care of yourself and your family, be sure to stay covered in a few important areas. namely – health insurance, life insurance, disability insurance and home insurance.

Without adequate insurance, adequate health care in India seems unaffordable for many. And in case you have failed to take out health insurance at the age of 20, do not skimp on it. Never make the mistake of doing the bare minimum, instead look for a substantial policy that works best for you and your family. Like life and health insurance, home insurance is just as important. When subscribing for home insurance, it is very important to collect all your valuables accurately in order to get the best value for money.

At age 40, you are more prone to many illnesses that usually occur with age. In addition, at age 40, good health can not be guaranteed, even when exercising or eating only healthy foods. Your family would also have grown up and if you take out a family health insurance plan, it will definitely help you. For comprehensive protection, you can also add various types of additions and warranties, such as critical illness, restoration, OPD coverage, etc., to your health insurance plan. Most of these policies pay the sum insured in a lump sum when diagnosing a critical illness.

As a policy seeker, you can always choose the plan that best suits your needs and covering premedical history. However, it should be noted that the purchase of a health insurance policy at this age requires a higher premium.

-The author is responsible for products and innovation, Policybazaar.com