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Like any other youngster, Raj thought he was invincible and did not think much about buying insurance. One can,t really blame Raj. At the prime of your health, the idea of dealing with unforeseen circumstances is the last thing on people,s minds.

Today, he is in his late 40s and is blessed with a loving family comprising two teenage children and a caring wife. Along with providing for them and saving up for his children's higher education, Raj's responsibilities also include repaying his home loan. In a very recent conversation with his colleague, Raj came to realise the importance of a term insurance plan and how it can cover all his bases in the event of an unfortunate incident.

1

Changing Life Goals

During your early years, you have good health, fewer responsibilities, almost no dependents and very little debt, if any. There isn't a lot of motivation or immediate need visible to invest in insurance. However, as you age and start shouldering more responsibilities, you understand the importance of insurance. In your late 40s or 50s, you have a better estimation of your insurance needs on the basis of your income, family, lifestyle, etc. You have a more precise estimation of what works for you, what doesn't and how much cover you need. You can then use your experience and wisdom to design a custom Life insurance plan that suits your needs.

2

Shifting Dynamics

With improved healthcare and better lifestyle habits, life expectancy has significantly increased. Not too long ago, one could only get term insurance till the age of 55. Backed with actuarial evidence, term plans today such as the iSelect term plan from Canara HSBC OBC Life Insurance provide a life cover till the age of 80. The premiums do come at a higher cost, but considering the benefits and peace of mind you get with it, the extra charge is not something you should think twice about. This is especially true in Raj's case as he is the sole breadwinner of the family.

3

Late Retirement

Nowadays, the retirement age is not rigid. You are not necessarily expected to hang up your boots at 60 as was the case earlier. And even if you do, you could start a small venture or continue working in a consulting role. This means you can earn a decent sum of money even at a later stage in life. Hence, paying your term insurance premiums shouldn't be a problem. So, buying a term policy later in life should not act as a deterrent as the ability to pay premiums also subsequently increases.

4

Outstanding Debt

Term insurance at any stage in life is a great way to ensure the financial security of your family. More so if you are in your late 40s and have extended home loans, personal loans or any other liability. Passing on debt to your children in the event of untimely death can disrupt their lives. Term insurance will ensure that all your debts are covered, and even after that, your family is left with a sizeable amount to continue to live well as per the lifestyle you provided them. Buying a term plan even later in life will protect your loved ones from life's uncertainties.

5

Estate Planning

Term insurance is a selfless investment. It's not for you; it's for your loved ones - your spouse, children, grandkids, etc. Term insurance today is used as an active tool for estate planning. With good insurance coverage, you may be able to enhance the amount of wealth you pass on to your heirs. The beneficiary of an insurance policy is indisputable. The insurance may be a tool for your spouse to be self-reliant and not be dependent on the children or you may want to give it out to charity as a good deed.

Ideally, one should invest in a term plan between the ages of 30 to 40, but if you are in Raj's shoes, it's never too late to hop on to the bus. The need and importance of insurance don't fade with age. And since term plans are the cheapest form of life insurance available, term plans such as iSelect are still affordable even with increased premiums. And it allows citizens till the age of 70 to invest in the plan.

The comprehensive protection of iSelect gives your life cover till the age of 80 with inbuilt cover for terminal illness and accidental demise. Additionally, you have the option of covering your spouse too in the policy. Therefore, whatever your age, the iSelect Term Plan is the perfect protection plan for you and your family.