Term insurance offers advantage at every life stage, which is why it is considered to be an important asset regardless of your age. Although it is beneficial to purchase term insurance at an early age, it can still be bought when you are older, as long as you are within the age limit.

What is the age limit for term insurance?

Term insurance age limit refers to the age within which you can buy a term insurance plan for yourself. This varies between the age of 18 and 65 years^~.

Term Insurance in your 20s

Term insurance can provide many useful benefits in your 20s. During your 20s, you are likely to finish college and begin your career. You may have taken a hefty loan for your education. Term insurance can help cover such loans in your absence, without burdening your family with it.

Term insurance in your 30s

In your 30s, you are likely to be married, have children, or buy a house. Your responsibilities increase manifold and your family members, like children, could be financially dependent on you for their survival. A term insurance plan can help you offer a more secure financial life to your family in your 30s. Term insurance in this stage ensures that your children and spouse are not burdened with any financial restrictions in your absence.

Term insurance in your 40s

By this time, there is a good chance that your children would be heading for higher education. This may require a substantial amount. The cost of education is rising around the world and professional courses or studying abroad may require a large lump sum amount. A term insurance plan can help your children meet their education goals even in your absence. However, a term insurance plan can help them meet their education related costs.

Term insurance above 50s

Health can be a major cause of concern in your 50s. This is also a time when your children are learning to be financially independent and might require your support from time to time, thereby adding to your total expenditure. Fortunately, a term insurance plan with a rider like critical illness^# protection can provide you with a financial cover against critical illnesses.

Why should you buy a term plan at an early age?

You can buy a term insurance plan much later in life too. However, the benefits of purchasing it sooner can be substantial. Here are some reasons why you should buy a term plan at an early age:

• Flexibility

  Buying a term plan at an early age provides you with protection against several eventualities and the flexibility to change your term plan as and when required by adding riders, increasing your sum assured, and other features

• Low premiums

  The premiums for term insurance increase with age. Since the chances of falling sick are low when you are young and tend to increase as you age, you are considered a low-risk candidate by the insurance company in your 20s or 30s. As a result, you can buy a high sum assured at a comparatively low premium. For instance, the ICICI Pru iProtect Smart Plan offers a high life cover^` at an affordable premium. The plan also offers additional riders such as critical illness^# rider (optional), accidental death benefit^{^} rider (optional), waiver of premium in case of permanent disability^{^^} and terminal illness^## at nominal costs and a life cover till the age of 99, among other things