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Things Gen-X needs to know about life insurance

Things Gen-X needs to know about life insurance
March 9, 2021 camsrep

Are you a part of that generation which thinks life insurance is an added burden on top of your study loan and future plans? Do you often think you would rather party to destress than pay a premium? You don’t think twice to insure your phone, but spending on life insurance feels like something you can do later, right? This is for you. The next few minutes you spend here will make you understand the importance of investing in life insurance as early as possible.

Affordability

  1. Life insurance premiums get more costly when you grow older. When you’re in your mid-20s, you can get a six-figure term policy for a few thousand rupees, whereas when you’re older, the same policy would cost you a lot more.
  2. The amount you pay is largely determined by your health. The younger and healthier you are, the less risk you pose to life insurers, so your premiums will cost less.

Protecting your family

Life insurance may not be at the top of your mind, but it is one of the most valuable investments you will make for your family.

  1. Your relatives will be responsible for your student loans, mortgage payments, and other debts if anything terrible happened to you.
  2. Your dependents will have a source of income in the event of your untimely death. It is important to have a proper life insurance policy in place whether you are newly married or purchasing a home.

Accumulate cash value

Many plans have savings features built-in.

  1. These policies develop guaranteed cash values that you can use at any time and for any purpose. This is a bonus that you can take advantage of while you are still alive.
  2. Every year, the cash value increases, and over time, they will help you pay off all of your debts or make a down payment on a new car or home.

One step further

Purchasing life insurance in your twenties or thirties doesn’t seem so insane now, does it? It’s understandable that it isn’t the first thing that comes to mind. However, when you consider the costs of deferring its purchase, it makes complete financial sense to include it in your current financial plan. Once you have availed the life insurance, take the next important step of e-Insuring it. It is a safe digital vault that will help you access all your policies in one place at your convenience. This will ensure that the effort you make to protect you and your family by investing in life insurance can be made use of during emergency situations.

Creating an e-Insurance account takes just a few minutes but comes with life long benefits.

e-Insure today with PolicyGenie. Click the link below.

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