Everyone wants their family to be hale and hearty. Even though most people don’t directly associate happiness with financial stability, it nevertheless plays an important part. Being an earning member of the family, it is your responsibility to ensure the financial stability of your family. A term insurance plan can be an efficient tool to financially ring-fence your family in your absence.
Like most insurance products, term insurance has a minimum and a maximum eligibility age. Similarly, like many popular beliefs, there are a lot of misconceptions related to term insurance such as the maximum age to buy a term plan is 50 or 60 years or term insurance is only required till retirement. Most term plans still provide coverage till the age of 70 or 75.
What is the term insurance age limit?
It is possible to buy a term policy till the age of 65 and you can opt for coverage that continues up to 99 years of age. Since a term plan can be bought anytime between 18 and 65 years of age, let us take a look at how to buy a term plan at different life stages. Analysing term plans as per the life stage of the insured is critical as requirements change with age, which requires a proportional modification in the coverage.