May 24, 2018

Life insurance for Senior Citizen, why senior citizens need life insurance?

Life Insurance for Senior Citizens:

The present situation in India is we have approximately 95 million people above age 60 and 8 million above 80.The increase in number of nuclear families and the modern trend of being independent has also put a lot of pressure on the senior citizens of India. 

The statistics is going to amplify in future as India having maximum youthful population, will see all of them retire all together in coming time. The one who take care of us during our budding ages feels unsecured in their later ages. In the obstacle of life, it has become very difficult to even take time out for yourself.

Unless you keep a caretaker for your parents you’re going to miss on some of their needs. Thus if you really care about needs of your parents, you should buy an insurance policy for them.

Suggested Read: How to buy health insurance policy for aged?

What is the reason, why senior citizens need insurance?

If you’re old, you don’t have children with you, you are dependent on their income and at times have to compromise with your needs, you are on medication and some of them are very costly, doctor suggests you to join some yoga classes or therapy sessions. At times you feel bored and decide to give a visit to the relatives.

You might need a hearing aid or a driver because you can’t drive properly. All these are the needs of any normal senior citizen. A person who has always projected himself as responsible and a man with strength never like to ask for money he doesn’t deserve.

An insurance policy can fulfill their demands and make them feel valued and respected. It is true that older ages don’t generally require huge demands but it is very compromising to adjust ones standard of living.

Choosing a right life insurance plan for senior citizen:

It is not that simple to choose the correct plan for senior citizen as there are many companies with many plans. The decision for right plan depends upon the needs of the life assured. Term insurance is not a best fit on the life of senior citizen.

However, it is advised to take the plans which pay maturity benefits as annuities or pension. Older age doesn’t incorporate big investments. Riders form an important part of benefit for the insurance policy of senior citizens.

The age limits:

It is in fact amusing to note that life insurance can be given to the person aged 80 yrs old. Life insurance for senior citizen is available for different age categories like over 85, life insurance of citizen over 75, 65, 50 etc. The premium rates although depends upon the health, lifestyle, age etc of the person insured.

Thus either for yourself or for your parents, buy a life insurance policy to become your support at later ages and has anything happens to you, protect your old aged wife from the financial difficulties.

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