New Delhi, March 25 -- Timing may play a significant role in the planning of long term financial security. Purchasing term insurance is one of the most influential financial choices that people make but many of them postpone it to later life periods. Although delay might appear to be innocent, it usually translates into huge premium increases throughout the tenure period of the policy.

Health and age are the major determinants of premiums by insurance providers. The healthier and younger an applicant is the less perceived risk to an insurer. This will mean that those who buy sooner will get cheaper premiums that will not be changed as long as the policy is in place.

But the waiting period also puts potential customers at risk of increas...