Term insurance: Premium rates lower at younger age, don't change thereafter

• Remember that you should buy the maximum possible cover you can afford at the earliest age
• Premium tends to be lower at a younger age and remains unchanged for the entire policy tenure
• Even if you have just begun working and do not have any liabilities, buy a large cover
• As your liabilities increase, you will not have to augment your cover at a later date
• If you find the premium rate burdensome, go for the monthly  option.Go for an insurer with claim settlement ratio of 95 per cent or above