See, the future is uncertain. Even if you don’t know whether you’ll have any major future expenses, your circumstances are likely to change with time.
Right now, your parents are probably still working. You are most likely to be single without many financial responsibilities.
But a few years down the line, you may be married with a child on the way. You may have quite a few loans to pay off.
After some more years, you will find that it’s time to fund your child’s higher education or even wedding. And what about your spouse’s travel bucket list? That needs to be prioritised too.
Even if you’re planning to stay single, you may still have parents or siblings depending on your income.
That’s why you should buy term insurance so that you can safeguard their future in the event of your untimely death.
And the best time to buy a term plan is while you are young because you can save on premiums.
The more you delay, the higher your premiums will become.
And the best part? By buying a term plan early you can even lock in a cheaper premium i.e. your premiums will remain unchanged throughout the entire policy duration, provided your life cover or policy benefits remain unchanged.
Find out in detail why you should always buy term insurance early.