POSTED BY August 19, 2012 8:10 am COMMENTS (8)ON
My details- self-40, spouse-38, children- 10 and 2 yr old.
My employer-provided health cover will stop after I retire. I will need individual Health Insurance Coverage for me and family only after retirement.
If I decide to buy the policy at the age of 60, I will be charged a premium corresponding to the age-slab (which I know it will be higher than for a person of age 40).
However, if I buy a family Floater now, although I may start at a lower premium (as per the age-slab 36-44), yet by the time I turn 60, the premium would eventually increase to a figure appropriate for a person of age 60. If so, then what do I gain by starting early?
If I have to pay the same high premium at 60, irrespective of whetehr I started at 40 or at 60, then the very purpose of starting early is defeated. Whereas starting early in term life plans esnures that you pay a considerably lower premium throughout the life than the person who started late.
Plesae advsie me if I have any advantage (other than eliminating the risk of my company withdrawing cover, my leaving the job etc.etc..) in rushing-in and getting a cover now itself. (I am thinking strictly in terms of premium to be paid at the age 60).
Thanks for your time.