Should I buy term insurance now or can I wait?

Being young, buying term life insurance is probably the last thing on your mind. But trust us when we say, you should buy term insurance as early in life as possible because it has some big advantages:
 

1. As you grow older, your premium amount will also increase
 

2. The chances of rejection are low when you buy it early because you’re young and likely to be healthy 
 

3. Quick processing time . Yes! Since you are young, you may have to go through a lesser number of medical tests
 

So, save the hassle and costs, and buy term insurance early. There's no time like the present, after all!

But remember, sometimes you may even be tempted to buy a term plan without medicals. You may even find insurers who will offer you a plan without undergoing medical tests. But should you buy such a plan? Let’s find out

Yes, of course!

A life insurance company always takes into account your age and health status when accepting your term insurance application. 

When you are younger, you are likely to be healthier than you’ll be as you grow older.  As a result, your term plan premium amount will also be significantly lower. 

Why pay more premium later when you can lock in a low premium at a young age and stay covered longer by paying the same amount throughout the policy duration? 

But, remember, your premium amount may change if there’s a change in policy terms and conditions.

Yes! As you grow older, you will have more health issues. As a result, the chances of your term plan application getting rejected are also much higher. Convinced now?

The younger you are, the fewer medical tests you will need. And this makes the term insurance application process so much simpler and less hassle-free.

Good question! Well, your term plan application may not always get rejected if you buy it later in life. 

But, we will be honest - the chances of rejection keep increasing as you age because:

• As you grow older, you may have many health issues like diabetes, cholesterol, heart diseases, etc. 
   

  Or
   

• You may have acquired poor lifestyle habits like drinking and smoking or have a sedentary lifestyle

These two factors can result in higher premiums or even worse, an application rejection. 

So you see, buying term insurance later in life has many hassles and uncertainties that could be easily avoided by buying it early. 

P.S.: They’ll be looking at your finances too. So if you have accumulated any debts over the years, that is also taken into consideration before offering you a term plan.