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How to Choose Life Insurance for All Ages?

Buying affordable and high-quality life insurance coverage is available across a variety of age ranges. Here's how to find the policy that fits your needs.

  • 3,482 Views | Updated on: Jun 13, 2024

As you move from one phase of life to another, your outlook towards everything changes. The newfound perspective and vision often bring along a shift in your circumstances, goals, priorities, and responsibilities. However, one thing that does not change is the need to protect and secure your loved ones’ future, and this increases the significance of having life insurance.

Briefly put, life insurance is a policy that provides a certain sum of money in the form of life insurance coverage to your loved ones in case of our untimely demise. Thus, it helps tackle the unpredictability of life in a much smoother way in terms of financial stability and security. Your life insurance coverage depends on your financial goals, liabilities, debts, loans, and your family’s requirements in your absence. Therefore, you must consider all possible factors before settling on the ideal amount. To give you an idea, let us look at how we can buy one of the best life insurance plans to secure your family’s future.

Life insurance in Your 20’s

Getting life insurance in your 20’s may seem trivial and you might not be convinced with the idea. This phase of life is more rooted in self-exploration, finding the right career, and figuring things out in general. However, your 20s can prove to be an excellent time to buy insurance since you have the benefit of age along with lesser financial liabilities and responsibilities. When you are younger, you are also likely to get more extended life insurance coverage. Along with this, one of the most significant advantages of life insurance at this age would be the lower premiums. The younger you are, the lower the premium because you are a low-risk policy buyer for the insurer.

Why you should buy a life insurance in your 20s, 30s, 40s and 50s??

Moreover, depending on the type of insurance you opt for, investing young could also result in significant savings for your future. Typically, most people tend to buy term insurance due to a low premium with high coverage. However, this is not binding, and you are free to choose from a variety of options that suit your and your family’s needs the best.

Life insurance in Your 30’s

As you enter your 30’s, you carry the aspirations to buy your own house, get married, settle down, etc. As a result, your expenses change too because of factors like home loans, looking after your spouse’s needs, children’s education, living with your parents, and running the household. Life is now not just about taking care of yourself but also of your loved ones - especially those who are entirely dependent on you.

At this stage, policies like term insurance, a child plan, or whole life insurance can prove to be the best life insurance plans to protect your family’s daily financial needs.

Life insurance in your 40’s and 50’s

Buying insurance in your 40’s and 50’s is again focused on creating a corpus so that you can save and provide additional security for yourself and your family once you retire. Furthermore, you can also invest in plans that give regular returns. In fact, retirement plans may be one of the best life insurance plans that you can invest in right now to ensure a tension-free life.

In this digital age, you can now get yourself a policy from the comfort of your homes at any given time thanks to online life insurance. In addition, you can compare policies and choose from the best life insurance plans. Regardless of how old you are right now, life insurance is a must-have. Get yours today!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
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Ref. No. KLI/22-23/E-BB/2435