In India, several life insurance companies offer customized life insurance plans for senior citizens. Here, we’ll explore the various factors associated with purchasing a life insurance policy for senior citizens.
Since susceptibility to health risks increase in old age, most life insurance policies for senior citizens would come with higher premiums. While this may be off-putting for most, it still pays to purchase a life insurance policy after you’ve reached the age of 60. Let’s explore why.
Retirement: Most people retire once they reach 60 years of age. The inflow of income they were used to over the course of their life suddenly comes to a stop. This sudden loss of income could adversely affect your financial wellbeing. Purchasing a life insurance plan with flexible payout options could ensure that you receive a steady income well into your old age.
Inheritance: As you near old age, you will want to ensure that your children and grandchildren are taken care of, in your absence. Thus, you would want to ensure that they can benefit from a sizeable inheritance. By purchasing a retirement life insurance plan, you can ensure you leave behind a corpus large enough to meet your loved ones’ future financial requirements well.
Financial Security for Elderly Spouse: In the event of your unfortunate demise, you would, of course, want to ensure your spouse can lead a financially stable life. You would not want to burden your children, who are in the budding stage of their careers and have their own financial needs, to provide for your spouse’s needs. A life insurance policy would provide a handsome amount to your spouse and allow them to financially sustain themselves, in the event of your unfortunate demise.
Increasing Life Expectancy: Overall, life expectancy has been steadily on the rise in India due to advancements in modern medicine. Along with that, the costs of healthcare have also been increasing. Senior citizens, devoid of income via jobs or investments, may find it difficult to afford the necessary healthcare. Life insurance can provide enhanced coverage in the form of riders, which can even help mitigate the costs of healthcare.
The following are some of the terms that need to be taken into consideration while purchasing insurance for citizens 60 years of age and above.
Senior citizens can take advantage of the many benefits life insurance policies have to offer. After deciding upon the best life insurance policy, you can feel financially and emotionally secure in your old age. One of the options you could consider, which provides a variety of features and has been a trusted name for years is the Canara HSBC Oriental Bank of Commerce life insurance’s Smart Lifelong Plan. Some of the features offered by the plan are options in investments in mid cap stocks, making changes in stock options, coverage till the age of 99, and the option of changing the sum assured based on your financial situation.
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