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Should You Get Life Insurance If You’re Under 30?

Getting life insurance is not an option – it is a necessity. This is precisely why you should get life insurance cover. But why wait till later on in life to get life insurance? Since the need for insurance will show you and it is something you will eventually buy, it would make a lot of sense to buy the plan in your twenties, or as soon as you are financially capable to do so. Take a look at this article to know why more and more people are opting to get life insurance under the age of 30 years. 

Reasons why you should invest in life insurance at a young age

Here are the top reasons that talk about the importance of insurance and tell you why you should start investing in life insurance even before you turn 30 years old:

1. You are fitter

The biggest and the most logical reason to get life insurance early on in life is that you are young and fit at this stage of your life. A person who is fit gets life insurance on simpler and favourable terms. A life insurance plan covers your life and so if the risk associated with your life is low on account of you being healthy and young, you get the plan very easily. Make use of this and get life insurance coverage right away

2. You have fewer financial responsibilities

When you are young and single, you do not have dependent family members. You do not have to pay your child’s school fee. You probably don’t have a home loan yet. These factors make it easy for you to invest in a good life insurance plan. As you grow older and have more financial duties, affording the premium may get more and more challenging. This is why you should get the plan now when the premium is low and keep it affordable for yourself.

3. You have loans to repay

You may have taken an education loan, or your parents may have taken a personal loan to set up your business. Perhaps, you already have a home loan for the house you bought for yourself and your parents to live in. If you have loans that are still being repaid, you need to have life insurance. Life is very unpredictable and if something were to happen to you, your old parents would get heavily burdened with your financial dues. Protect them from such dangers by getting a good life insurance plan.

4. You plan for the future

Today you are a young and carefree person who lives life to the fullest. But sure enough, in a few years, you will settle down and start a family. You will then have to take care of your spouse, your kids, the house, etc. Think about those days and create a financial roadmap. Rather than buying the same life insurance cover 10 years later at a higher cost, get it today at a fraction of the price. Think ahead and keep your future smooth and free of worries. 

5. You save tax and understand the system

Life insurance allows you to save tax. When you buy life insurance, you get the tax benefits and this gives you your first understanding of the income tax structure. Getting life insurance and reaping the tax benefits is not only a good way to save money, but it is also a great opportunity to understand taxes and how they work. Many youngsters benefit from this and you should too as this is one of the most important benefits of life insurance.

These are the main reasons why insurance is important when you are young and healthy. Get the life insurance plan for a long duration and secure your future.

Which type of life insurance to choose? 

There are several types of life insurance plans available. However, as a youngster, you need to be clear about your needs and the role of insurance and then choose a suitable policy. Here are some good options for you:

A. Term insurance

Term insurance is very popular among younger people. This is because term insurance is very affordable and easy to get. You can get a high cover at a low rate. Also, young and fit people can instantly buy term insurance online in a matter of a few minutes. Term insurance is available for long tenures such as 30 or 40 years. Get a term plan now and keep your future family members secured in a smart way.

B. Annuity insurance with return of purchase price

As a 20-something-year-old, your retirement may seem like a lifetime away! But believe it or not, your 60th birthday would arrive before you know it. It makes sense to save for your retirement from an early age. In doing so, you get to save in a very slow and steady manner and still build up a huge corpus. You also get the benefit of compounded interest. You get to save money for your retirement but in the process, your life remains covered. If anything happens to you in the policy period, your family receives the death benefit.


ULIPs are excellent life insurance plans that combine the elements of insurance and investment. They allow you to invest with an element of risk. As a youngster, you can take certain risks. Also, you get first-hand knowledge about the financial markets and how investments work. This is why a ULIP is an excellent choice for a person under 30 years of age.

There are other forms of life insurance that you may explore as well. Do your research, understand the purpose and need of insurance, make a budget and then decide upon the type of life insurance you want. 

The bottom line

Getting life insurance early on in life is one of the smartest financial moves that you can make. Go for it while you still have the opportunity and make full use of the advantages mentioned above. Thankfully, life insurance is available online these days and as a tech-savvy youngster, you would have no problem finding the best cover. Compare your options and find a good policy and secure your future in a simple and convenient manner.  

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