Life Insurance: What is the right age to take Life Insurance? Know what are the advantages and disadvantages here..

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Buying a life insurance policy has been considered a profitable deal from the very beginning. The special thing is that there is no concern about the safety of the money invested in it. In the last few years, the craze of investing money in life insurance has also increased among the youth. The special thing is that young people are buying life insurance policies not to save tax, but for savings. Know here how profitable it is to invest in life insurance or by investing anywhere else, more benefits can be taken.

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Life insurance is necessary for security
Life insurance gives protection to an individual and his family. This is a safety cover. Its purpose is to give financial security to the family in case of your absence. So the most important thing here is which insurance plan you are taking. Taking life insurance is essential when someone is dependent on you. For this a protection plan should be taken. But if you want to save, then you have better options available to invest in Tax Saving Mutual Fund Scheme or PPF.

If you have to take insurance then when and which one to take?
If you want to take life insurance, then it is better that you take a term plan. Although common investors in India do not give much importance to term plans, but if economic experts are to be believed, then term plans are the best cost efficient protection plan. In this, you have to pay less premium and your family also gets protection.

When to take term plan?
You should take a term plan only if there is someone dependent on you. But you should take a term plan as soon as you become a family, because the longer you take the plan, the more premium you will have to pay. The younger the term plan is taken, the more cost efficient it is. Where in life insurance you have to pay higher premium, in term plan you have to pay a much lower premium as compared to that. If you do not take a term plan at a young age, then after a certain age you will have to undergo some medical tests.

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There will be problem with old age..
Financial companies are hesitant to offer insurance cover when you get older, as you have less time to pay premiums. In such a situation, even if you are not able to meet the premium within the stipulated time, the companies have to pay your cover to you.