Life is stressful nowadays, and many people worry that “someday I might die”. However, most people have elderly parents and young children, so many people will purchase a term life insurance policy that can continue their family responsibilities.
This type of insurance is a type of insurance that takes “death or total disability” as its main protection responsibility. As long as you die or become totally disabled during the protection period, you will be compensated a sum of money, and the amount you buy will be compensated. It can be said that its role is to transfer the risk of interruption of economic income. For the breadwinner of the family, it is very necessary to have such a term life insurance.
So, do you need to disclose your health information for term life insurance? What is the appropriate age to buy it?
1. Does term life insurance require health disclosure?
Compared with medical insurance and critical illness insurance, term life insurance has relatively loose requirements for health conditions, but health declaration is also required. If there is a confirmed disease, it must be truthfully disclosed in accordance with the content of the health declaration.
But don’t worry, the diseases covered in the term life insurance health declaration are generally serious major diseases, which are easy to check and most people can meet the requirements under normal circumstances.
In addition, term life insurance generally starts at hundreds of thousands or millions of yuan because it needs to cover loan risks. Therefore, the age, professional income, and accumulated insured amount of the insured person will also become several important factors affecting insurance. If the insured amount is too high, the insurance company will conduct a financial investigation, and if the accumulated insured amount is too high, it will be rejected.
2. What is the appropriate age to buy term life insurance?
What is the appropriate age to buy term life insurance? You can choose the appropriate coverage period according to your personal situation and needs. For example, young people can consider choosing a longer coverage period, while older people can choose a shorter period.
Generally speaking, it is recommended that you choose the coverage period of term life insurance based on the statutory retirement age or your actual retirement age.
Because when they reach retirement age, most of their children are already adults, and their car and mortgage loans are almost all paid off, the family’s financial burden is no longer that heavy and they don’t need to bear too much. Even if they unfortunately die at this time, it will not cause a fatal blow to the family’s finances.
3. Summary
In general, term life insurance has become a standard insurance for many people. After all, things are unpredictable, and no one knows which will come first, tomorrow or an accident. Buying a term life insurance at the right age can provide security for your family and also make you feel more at ease.
