Why should you take a term plan till the age of 65?

Phew! Are you all strapped in? Because you’re about to step onto life's grand roller-coaster ride that swings over the park of time.

In India, the average working years span up to the golden age of 60. Can you believe that? Sixty big years of navigating professional jungles, securing that precious paycheck at the end of each month! And why is that significant? Because, my friends, this forms our basis of argument as to why you should seriously consider taking a term plan, or life insurance policy, till you reach 65.

Oh, and let me clarify: this isn't one of those dull, tax-saving manoeuvres, ‘all adults do it’ reasons. Nope, we're here to have a deep, meaningful chat about why this is crucial for you, especially when the madness of work-life is already a notch down.

Love in the Air: Average Marriage Age of 25

What makes our hearts go pitter-pat? Marriage! Doesn't it fill you up with warmth, like a hot cup of cocoa on a brisk winter's day? In India, we usually tie the knot around the age of 25, give or take a few years either side. I mean, who wouldn't want to share Instagram pics together at exotic vacation spots or jointly decide who gets the TV remote for the night? Ah, marital bliss!

But, what's the connection to our term plan question here? Just hold on to your seats; we're getting there!

Lovely Little Ankle-biters Joining The Mix

Fast forward to just about two years post knot-tying, and voila! The stork drops by with a tiny bundle of joy. Cue baby giggles and coos. You cannot ignore this significant chapter of life when discussing term plans because, dear reader, this little person is a whole new truckload of responsibility.

When You are 65, They are 30-35 - Financial Responsibilities Toned Down

Here, imagine this scenario: it's your 65th birthday. Candles flicker atop the cake, casting a warm glow on your wrinkles. Next to you, your beautiful child, now all grown up at around 30-35, completes the family picture. But, here comes the best part—most of your financial responsibilities related to your offspring likely end by this time. They've probably journeyed through higher education, set foot into the career path, and even flown the nest… sigh they grow up so fast!

For the first time in a long time, you have a sigh of relief, a weight lifted. Your bank account whispers a quiet thanks for less expenditure. Still, why bother paying more for a term plan?

Pay More Premium? Financial Responsibilities Over, Surely?

But wait, hold the phone. You might wonder, ‘Why is that old codger recommending to continue with term plan premiums, even after the moolah-draining years are over? Surely, we need insurance only when we're young and living dangerously?"

Here’s where I share a nifty nugget of truth: Term plans do more than just cover potential risks and expenses; they create a safety net for those unforeseen, God forbid, moments of life we hope never materialize.

Now I'm not saying we live in constant anticipation of mishaps. Still, ask yourself, isn’t it reassuring to know our loved ones’ futures remain secure, should anything happen to us? A term plan ensures this security, till the ripe age of 65.

So, yes, pay more premium! Because even when you are sitting back, feet up, sipping that well-deserved cup of tea in retirement, you would still know you've done everything to keep your family's future safe. And that my friend, is some priceless peace of mind.

It's generally more comfortable to take on financial commitments when younger, fresh-faced and brimming with zest. It's the stage of life where sky-high ambition fuels us to work harder, earn more, save more. But let's also accept that the journey doesn't end at 60. Life still has plenty surprises up its sleeves, even in the post-60 phase.

And wouldn't you much rather navigate those years with preparedness and a reliable safety net? I thought so!

That, mes amis, explains why you must consider keeping your term plan active, till the mature, wise and fulfilling age of 65. So, go ahead, take a spin on this incredible ride of life, keeping yourself – and your loved ones – secure, through every unexpected twist and turn.