Buying term insurance in your 20s is one of the most valuable long-term financial goals. Many young adults delay taking this step due to low awareness. But making financial protection at an early age is simple and affordable. Two great reasons to buy a term plan earlier are lower health risks and lower premiums. These benefits help you manage financial stress during unexpected life events.

As you turn 30, your responsibilities towards your family increase. You are paying off either a home loan, Car EMIs, or medical bills of your dependents. Purchasing term insurance in your 30s makes sense to build a strong financial safety net for your family. In your 30s, not only is term insurance affordable, but it also keeps them protected in your absence.

The spouse who is homemaker and looks after children, supporting the family may be referred to a non-working spouse. While such an individual might not earn a salary, their contribution to the family as a whole cannot be overlooked and their life deserves to be protected. So, let’s look at term insurance plans for a non-working spouse in India.

Life insurance is a type of insurance policy ensures that the nominee receives a death benefit payout from the insurer in the event that the life insured dies while the policy is in effect. Life insurance plans feature a pre-determined premium payment period term as well as a limited policy tenure during which the life insured is protected. Read on to know how life insurance plans work.

A term insurance plan offers a safety net to your beneficiaries if you pass away during the policy term. However, a traditional term plan provides a lump sum amount, which might be challenging to handle. This is where a term plan with monthly income comes in; this plan provides your family with a guaranteed monthly income, which helps meet their daily financial needs.