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At what age do I take life insurance?

Picture?1508927281Rajendra Kumar

Insurance pic for 1

Before we jump deep down into this question, we need to ask or get an answer, as to why we need  life insurance....

Life insurance, is something like a compensation which can be evaluated monetarily against a loss of a person by death  which can happen in due course of time or within a specific assigned period. One can  stump people with legalese while explaining it, but simply put, if a person  is having an economic value due to the fact that he is gainfully employed, and if he has people in his life depending on his earnings for their sustained livelihood or good quality life , and if this person unfortunately dies then his income flow is curtailed, creating a vacuum in the dependents' future life ...

The  possession of Life insurance policy in this instance can be a temporary financial hedge fund  for the family to tide over the physical loss of the person. 

Now to the answer the question , there is always a parallel relationship between premiums rates and age in the insurance concept, meaning, the younger the policy holder is , cheaper would be the premium , the older one gets, the premium gets costlier. 

Conversely, an inverse relationship exist between the the term of the policy and premium rates... meaning , longer the term , cheaper the premium , shorter the term , dearer becomes the premium.

So as the popular Dictum goes in any field, "catch them young " stands good even for insurance...there are policies for just born and children too, but a a gainfully employed person should ideally start his insurance savings right from the day he starts earning ...


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