Purchasing term insurance is an ideal way to protect your family from any financial burden that they may face in case something happens to you. If you are young and have financial liabilities that you have to take care of, it is highly recommended that you purchase a term insurance plan for yourself, for this type of plan has cheaper premium rates and provides you peace of mind while you go about taking care of your goals.
What is the ideal age post which it makes no sense to have term insurance? It is generally recommended that you should have term insurance only till the age of 60 and having one beyond this age is not a great decision. We will list out some of the reasons why you should take term insurance only till the age of 60:
Hence, these are some of the reasons why you should have term insurance only till the age of 60. You will have to be clear about your future goals and based on that purchase term insurance accordingly. It is important to understand that post the age of 60 years, you might have created ample wealth that would take care of you and your spouse. You may have also achieved your goals and with no one financially dependent on you, buying term insurance and paying high premiums for it may not be the best financial decision for you. Hence, if you are looking to buy term insurance, you must ensure that you have insurance which is covering you till the time you intend to work.
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