I am a 24-years old IT professional. What is the correct age to take term insurance? For how many years should I seek insurance protection?
Term insurance should be bought only if you have dependents. In case you are married or your parents are financially dependent on you, you should buy a term policy at the earliest. Even if you do not have dependents at this age, but are sure of becoming the breadwinner at a later time, you should go for it. Buying a policy at young age means you will pay a lower premium rate throughout the policy term. Coming to your second concern, the policy term must be long enough to cover you till retirement or till someone else replaces you as the earner of the family. Supposing, you retire at age 60, opt for a 36 year term.