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    What Is the Right Age to Buy Term Insurance Plan?

    Last Updated On 11-02-2021

    Term insurance plans are essential to safeguard your loved ones who are financially dependent on you. While you can never predict or control adversities, you can combat their impact to some extent. A term plan is a suitable way of creating a secured future for your family and acts as their financial cushion in your absence.

    One of the most common issues people face with term insurance is about the best age to buy term insurance. This article aims at addressing this concern while keeping in mind the various phases of life.

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    The 20s

    The early 20s usually mark the beginning of your professional life. The happiness of receiving your first paycheck is priceless, but it is essential to put it to some productive use. Moreover, since you have very few obligations at this age, it can be easy to contribute a part of your income towards paying insurance premiums. Besides, when you’re young, buying a term plan allows you to enjoy lower premium rates.

    The 30s

    This is the time when most people have a stable career with a regular flow of income. However, your 30s are also a time when your responsibilities increase with marriage and children. Besides, you may want to avail a loan to build your dream home, buy a car, etc.

    In case of an unfortunate event, your family would have to bear the burden to meet these debt obligations. In the absence of sufficient resources to repay your loans, they may be forced to compromise on their existing standard of living. To save your family from such hardships, it is important to get term insurance. Moreover, securing their future will keep you at ease while striving to achieve new milestones in life.

    The 40s

    This is typically that phase of life where you are comfortably placed in your profession and strive to give your family the best of luxuries. The scope of your expenses widens further with your children’s career choices and material needs. You may also have some debt obligations with pending loan repayments.

    A term insurance plan can help you ensure that your family is able to continue with a comfortable lifestyle, even if you are no longer around. Remember to select an adequate amount of sum assured that helps your family to lead a financially independent and dignified life in your absence.

    The 50s

    You might have a decent number of professional accomplishments by now. But there can be a few personal commitments that are yet to be addressed. Building a corpus for your children’s higher education or wedding could be a recurring thought in your mind.

    However, if an unfortunate event strikes, it may cause financial turmoil in your family. Buying term insurance at a later stage in life seeks a higher premium cost. However, that should never be a hindrance in the way of creating financial security for your loved ones.

    Points to consider while deciding the best time to buy life insurance

    Existence of uncertainties - Life is unpredictable, and adversities can set in, irrespective of your age. The COVID-19 pandemic situation has emphasised on the importance of term insurance. Therefore, it helps to be prepared against all odds and not keep the purchase of insurance for a later time in your life.

    Premium amount - Various factors can influence premium costs. Age is one of the important parameters that insurers consider while deciding the premium for your plan. The younger you are, the lower are the premium rates. As you age, you may suffer from poor health. This requires you to pay higher premiums. Hence, it is advisable to buy insurance when you are young to avail the benefits of concessional premium rates.

    To sum it up

    Given the existing instabilities and the rise in premium with age, the best time to buy life insurance is as early as possible. A term plan is crucial for your family’s well-being, so it is better to make it a priority. You can also consult a reputed insurer like PNB MetLife Insurance about buying the best term plan at competitive premium rates.

    Visit PNB MetLife to know more about Term Insurance & Term Plan



    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.


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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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