a) Lower Premiums - Your age and health condition directly affect your premium.

• Young people are usually healthier. You are less likely to have lifestyle diseases like diabetes, blood pressure, or heart issues.

• Lower health risk means cheaper premiums. Because the risk is lower for the insurer, they offer you policies at a much lower cost.

For example, a 30-year-old non-smoker male may pay Rs. 11,350 per year for a 1 Crore Sum Assured term plan. The same plan might cost Rs. 21,000 per year for a 40-year-old.

b) Locking the Price: With most term life insurance policies, the premium you pay in the first year remains the same throughout the entire policy term. If you buy a policy at age 30, you will pay the same low amount even when you are age 50. But If you wait until you are 40 to buy the same policy, your premium could be double or triple the amount.

c) Easier Medical Approval - Younger individuals typically face fewer medical examinations and fewer chances of rejection.

d) Comprehensive Coverage - Buying early ensures you get coverage throughout your most important life stages: marriage, children’s education, home loan and other life goals.

e) Peace of Mind - Knowing your family’s future is protected gives emotional security, regardless of what happens.

Even if you missed buying early, it’s essential to buy a policy during these stages:

a) Starting Your Career - Buying a plan early locks in low premiums for the entire term.

b) Getting Married - Your spouse becomes financially dependent on you. Life insurance becomes essential.

c) Becoming a Parent - This is one of the strongest reasons to buy life insurance.
Your children’s future expenses—education, skills, higher studies—need financial security.

d) Taking a Loan - If you have a home loan or business loan, life insurance ensures your family is not burdened with repayment if something happens to you, and not forcing them to sell the house.

Buying life insurance should be done carefully. Here are the most important things Indian clients should consider:

a) Understand Your Coverage Need

A common rule is: Life cover = 15 to 20 times your annual income.

Example: If you earn Rs. 10 lakh per year, your life cover should be at least Rs. 1.5 – 2 crore.

This ensures your family can handle long-term needs.

b) Choose the Right Type of Life Insurance

There are different types of policies:

• Term Insurance (pure protection, most affordable)

• ULIPs

• Endowment Plans

• Money-back Plans

c) Check the Claim Settlement Ratio

Choose insurers with a high claim settlement ratio (CSR).
A higher CSR means the company settles most claims without complications.

d) Be Honest in Your Application

Always provide accurate information to insurance company about:

• Medical history

• Smoking/drinking habits

• Existing policies

• Occupation, Income, Education, etc;

Incorrect details may lead to claim rejection and/ or policy cancellation.

e) Useful Riders include :

• Critical Illness Rider

• Accidental Death Rider

• Waiver of Premium Rider

These enhance your overall protection at a small extra cost.

Let deep dive:

a) Your Active Income usually stops around age 60–65
Life insurance is designed to replace lost income. Meaning, incase of your death, family gets financial support from the insurance company. Since most people retire around 60–65, coverage till that age is sufficient.

b) Premium Becomes Too High Beyond age 65
Insurance after age 65 becomes expensive and often unnecessary. Upto age 65, the policy is balanced with high coverage with appropriate premium charged and considered high value for money.

c) By 65, Major Responsibilities Are Completed
By this age: Children are usually independent, Loans are repaid, Retirement funds are in place

So life insurance needs to be reduced naturally.

To conclude -Life insurance is meant to replace your income while you are working. Once you retire, you stop earning a salary. Ideally, by retirement, you have no financial dependents and you should have enough savings (provident fund, mutual funds, assets) to support yourself and your spouse.

Consulting a trained and certified insurance expert has many advantages:

a) Personalized Guidance
Life insurance is a long-term contract. Therefore, the role of an expert who understands your: Income, Family structure, Financial goals, Loans, Risk profile is crucial.

Based on this, the insurance expert recommends the best plan for your needs.

b) Avoiding Wrong Decisions

An expert helps you avoid:

• Taking lower coverage

• Choosing a longer policy term

• Selecting the wrong type of policy

c) Understanding Terms & Conditions
Insurance coverages, policy terms & conditions can be complex to understand. A certified insurance expert explains everything in a simple language.

d) Claims Support
An Insurance expert helps you navigate the journey of insurance claims, reducing stress during difficult times.