Posted by The nominee of a term insurance policy receives a lump sum payout known as the death benefit in the case of your passing. If you are older than 50, you can purchase a term insurance policy to protect the futures of your loved ones. By providing your family with quality insurance coverage, you assume responsibility for safeguarding them against financial disaster.
Senior Citizen’s Term Insurance Plan
A term insurance policy is made to offer your loved ones total security. The assurance that your aging parents will receive proper care in the future is another benefit of the coverage that will give you peace of mind. Term insurance is crucial for senior individuals to buy. Today’s fast-paced life is full of tasks and responsibilities, but it is also unpredictable. In today’s world, it is wise to constantly have a backup plan for all of your needs and obligations. One such option that can assist you in ensuring that your loved ones appropriately care for you even if you are not present is senior-term life insurance.
Why Should Senior Citizens Buy Term Insurance
Term life insurance is recommended for seniors for a variety of reasons, some of which are listed below:
- The time has come to purchase life insurance if you are older than 50 and do not currently have one.
- You can leave a sizable quantity of money to your children as an inheritance.
- To pay for any property taxes or lawyer fees the property you leave behind could incur
- The coverage gives your spouse cash advantages if you are not there, even though they might be left to fight for themselves.
- If you don’t want to put a financial strain on your loved ones and want to pay for their funerals even if you can’t go.
- The money you get from term life insurance may be used to settle any debts you may have.
Features Of Term Insurance For Senior Citizens
It is usually a good idea to be aware of the benefits and drawbacks of insurance before making a decision. Before purchasing a policy from an insurance company, several features of senior-term life insurance need to be considered.
- The insurer claims that there are numerous age groups in which senior persons can purchase term life insurance. For instance, some insurers may only make it available to those between the ages of 60 and 80.
- The amount covered and the period chosen affect the premiums, just like they do for other types of insurance.
- When considering whether or not to provide you with insurance, many firms look at your medical history.
What Are The Benefits Of Senior Citizens Having Term Insurance
The following are some of the reasons why senior citizens should purchase a term insurance policy.
1)Independence For The Spouse
Senior term life insurance may give your spouse total freedom while you are away. The spouse may use it as a means of support. Things could get challenging for her if you’re a man with a family that depends on her financially. Consequently, term insurance will provide her with a sense of respect when you pass away.
2)You May Have Children Who Are Dependent On You
Children frequently rely on their parents to provide for their financial requirements. When you purchase term insurance, you provide them the financial freedom they need to take care of themselves until they begin working, which is crucial when you are not there.
3)Take Care Of Your Debt And Loans
Think about the case where you have taken out a loan despite being the family’s only source of income. Unfortunate circumstances mean that while you are abroad, your family will be obligated to pay the loan. As a result of this circumstance, your family members can accumulate debt. However, with a term plan purchased online, family members can pay back the debt with the death benefit they get.
Things To Remember About Term Life Insurance For Senior Citizens
- The cost of the premium typically increases with age. The benefits, however, frequently outweigh the costs.
- The average age limit for purchasing a term plan is 60, though this varies with every plan. These days, senior citizens-focused plans are available.
- You must undergo medical testing, according to several insurance. However, a medical history is sufficient for some people.
- Today’s online processes make it simpler than ever for senior adults to purchase term insurance. To determine which insurance plan is best for you, you can shop around. You can then apply and make a payment online. After the insurance has been approved, the insurer will send you the necessary paperwork.
- With the knowledge from different insurance plans, senior citizens are no longer only eligible for term plans, but may also tremendously profit from them. They have devoted their entire life to working incredibly hard for their families, therefore they should be allowed to enjoy retirement.
Popular Term Insurance Plans For Seniors In India
Here is a list of the top-term insurance policies offered in India:
1) Aegon Life Iterm Plan
This plan is easily and quickly accessible to purchase online. The policy has a minimum admission age of 18 years and a maximum entry age of 65 years. The policy has an 80-year maximum maturity age. The insured may receive tax advantages under Section 80D of the Income Tax Act of 1961. If the insured passes away, the death benefit is paid to the designated policy beneficiary. Flexible premium payment options are offered by the plan. Under the scheme, nonsmokers and female insurers will pay a lower price.
2) Idbi Senior Citizen Term Insurance
For people over the age of 50, the IDBI Federal Termsurance Seniors Insurance Plan offers comprehensive life insurance coverage. A whole life plan is a term insurance policy with an indefinite duration. The candidate will receive 125% of the premiums paid as a Death Benefit if the Life Insured passes away within the first two years of the plan. The entire sum assured is given to the designated beneficiary as a death benefit if the Life Insured survives for two years after the policy is written before passing away. Although payments must be made up until the life insured turns 90 years old, this coverage is in effect until death.
3) LIC e-Term Plan
Among the company’s many products, LIC e-Term is one of its most well-known term insurance contracts. As a pure insurance policy, the LIC e-Term plan only offers a Death Benefit or the payment of a preset sum to the beneficiary in the case of the policyholder’s passing. The beneficiary will not receive any Maturity Benefit if the policyholder lives out the whole term of the LIC e-Term plan. The LIC e-Term plan provides comprehensive coverage in a range of quantities depending on the candidate’s demands.
4) Max Life Insurance Online Term Plan Plus
This comprehensive senior term life insurance coverage is readily and quickly bought online. The plan offers three different cover options for you to choose from. In an emergency, the plan offers the covered agent’s family financial security. All three types of life insurance cover the insured for a maximum of 85 years.