I am 23 years old. At what age should I buy a life insurance policy?
Ravi Sarna, Chandigarh
The requirement of life insurance arises when you have financial dependents. Ideally, you should purchase a life cover when you are healthy because the premium is dependent on your age as well as the state of your health. Normally, insurance companies do not insist on any health certification up to the age of 35. Therefore, it is advisable to go for life insurance cover prior to attaining the age of 35. You need to be more particular if your family health history put you in the ‘risky’ category. If it does, you may have to pay a higher premium. If you have financial dependents, you should go for life insurance immediately. If not, you can choose the time of buying a policy considering the above factors.
