It is important to take life insurance cover while you are young. This will build a corpus that can act as a fallback option for you should things go downhill.

When you are young, getting an insurance cover may not feature at the top of your list of priorities. We are all more carefree when we are younger and are a lot more likely to be healthier too. At this stage of life, many of us question the need for taking coverage and wonder whether shelling out money from our meagre earnings towards a premium is worth it or not. But, life is unpredictable and one can never say when things will start to go downhill.

Investing into an insurance policy when you are in your 20s and 30s is considered a financially prudent thing to do as it acts as a strong fallback option at times when life doesn’t go as per your plan. Read on to know three prime reasons why a life insurance cover should be taken while you are still young.

1. Insurance premiums are lower when you are young

When you look at life insurance, your age at the time of taking your policy determines how much premium you will end up paying for the policy. When you are young, you are more likely to be in good health, which is also an added advantage because good health also translates into lower premium amounts. So, someone in their 20s will end up paying a lower premium for the same cover compared to another person in the 40s opting for the same insurance policy. So, the earlier you buy, the lesser you pay. As you get older, the premium amounts keep mounting making it a wise choice to take insurance early. You must know here that the premium you pay stays constant – it does not increase with advancing age after you have signed up for the policy.

2. Life’s problems come unannounced

You never know when a problem will come knocking at your door. So, it is a good idea to keep yourself covered for a rainy day. An unforeseen event can strike even if you are young. In such a scenario, would you not want to ensure that your family is taken care of, and is able to maintain the same standard of living that they are used to? Without sufficient life cover the loss of the main breadwinner(s) makes it hard for families to sustain their standard of living. In India this gap is estimated to be as high as 83%. This is a staggering number. In fact, it is imperative to take on a comprehensive life cover early as most people have limited savings at the start of their careers which means there is no buffer to pull out from in case of a problem. Here, an insurance cover will act as a protection cover for you and your loved ones.

3. A terminal illness or accident can wipe off all your savings

If there is one major learning that the Covid-19 pandemic has brought for us, it is that life is uncertain and things can change virtually overnight. One of the main reasons for buying a life insurance policy is to cover such life events, like an accident or critical illness, which can literally sap an individual of all their savings. This makes it very important to have a fallback option for you and your family. A term insurance policy taken early can protect this, as you never know when you may need it. In the event that something happens to you, you can be sure that your medical expenses will not become a burden for your family to pay off.

HDFC Life Click 2 Protect Super

To prepare for what life has in store for you, a great term insurance cover that you can consider is the HDFC Life Click 2 Protect Super plan, which is an intelligent comprehensive protection life cover that secures your loved ones against any uncertainties. One of the best features of this product is that it offers you the flexibility to adjust the plan according to the changing needs of your family. So, you can take it early and lock in a low premium. And, as you transition through different life stages, the policy can be altered accordingly.

HDFC Life Click 2 Protect Super offers the flexibility to choose from multiple coverage options – Life, Life Plus, and Life Goal – and you can even increase the cover at key life stages. For those investing early, it even offers the option to extend the policy term. In addition, you can opt for riders like Acceleration of Death Benefit in case you are diagnosed with a critical illness, increasing the Death Benefit up to 200 per cent, Waiver of Premium in diagnoses of critical illness, or in case of total and permanent disability. For more information, click here.

You can watch HDFC Life’s latest ad film ‘Patri – The Journey of a Lifetime’, a thought provoking story of hope despite hardships, which highlights the importance of having a life insurance cover.

Disclaimer: This article has been produced on behalf of the brand by HT Brand Studio.