When we talk about life insurance, pure protection term plans are the best bet. They provide adequate protection at very low cost. Take this, a term plan for a 30-year-old non-smoking woman that covers her till the age of 60 will cost her about ₹1,000 per month. This costs less than a dinner outing for two. When bought even earlier at the age of 26, the premium will be cheaper by 20%. But low premiums should not be the reason to buy insurance early. When you need insurance and how much is a function of your prevailing financial circumstances and there could be situations when you don’t need life insurance at all. Mint tells you three reasons to not buy term insurance.
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