Buying a Term plan at any age is never too late as you can have added responsibility even at the later stage. Generally, those who are hearty and healthy at the age of 40 do not think of dealing with unforeseen circumstances. But Sooner or later, one must realise that a family needs to be taken care of and the responsibilities are even higher at the older age.

Here is how the importance of having a term insurance plan even at the age of 40 is crucial.

Changing life goals: At a younger age, you hardly think of investing in insurance due to good health, lesser responsibilities, and little to no debt. But as one ages and starts shouldering responsibilities one can make sense of how much the family would need in order to fulfil all the responsibilities. During such times, the person can also estimate a precise amount that the family would need in the absence of the primary bread winner. Getting a Term plan at 40s helps a person invest in a term plan that can fulfil the needs of the family.

Late retirement:  Nowadays the retirement age is not stuck to 60. Individuals even keep earning after 60 or start a small venture. This means a person can keep paying premiums even after the age of 60. Hence one can earn a decent sum even after crossing the retirement age as paying premiums even at a later age is not a problem.

Paying outstanding debt: In case if you have taken a home loan or any other loan it is always wise to have a term plan as passing the debt burden to the children can disrupt their lives. Having a term insurance would ensure that all the debts are covered in the primary bread winner’s absence. Also, after the debt is paid a sizeable corpus would be left for the family to continue a decent lifestyle.

 Planning for Estate: Investing in term plan is considered to be a selfless investment as the loved ones receive the amount in the absence of the insured. This is a way to enhance your existing wealth and also pass on to your heirs. Your wife could be self-reliant even in your absence and not be dependent on your children. So, the need and importance of having a term plan never fades away with age. And the term plans being the cheapest form of insurance plan also offers senior citizens to invest in this plan.

Shifting dynamics: With improved healthcare systems, the life expectancy of the individuals has increased. Earlier one could only apply for a term plan till the age of 50 but now some insurance companies even allow to have a term plan after retirement. The premiums are even higher at this age, but one can easily get through this even at the later age due to the lesser premium even after the increased cost.

One can easily choose the comprehensive plan even at the age of 40 but one should estimate the figure of how much a family would need to continue the same lifestyle without any financial trouble.