Retirement might seem like a period when you may not require life insurance. Your children have settled down and now you can live the retired life with your spouse without worries. Then why do people consider buying term insurance for senior citizens? For many retirees, securing the future of their spouse financially is one of the reasons they go for insurance. Let’s look at the other reasons to consider life insurance for senior citizens over 60:
1. Spousal Support
Insurance aids in giving financial cushioning to your spouse by providing a death benefit. You may have ended up taking loans for your children or borrowed money to buy a house. In the event of your demise, your spouse would have to bear the brunt of paying those loans and may have to rely on your children for some financial help. While planning your retirement, you would have wanted to remain self-sufficient. But the sudden loss can cause a lot of money to be spent. Term insurance for senior citizens helps remove that stress from your mind.
2. Early Retirement
Early retirement can cause you to experience some ups and downs in life. This leads to an early stoppage of earnings, making your condition a bit stringent. Buying a term plan for senior citizens eases the financial burden, allowing you to live freely.
3. Dependent Children
You could have had children late in life making them dependent on you during retirement. Their education could put a strain on your savings. To untangle yourself from these burdens, getting life cover to safeguard your family or your spouse could go a long way in making their life stable.
4. Leaving a Legacy
Leaving some money for your family never goes in vain. You might have planned everything to a tee but an urgent need could arise. The death benefit received could be used during the emergency, leaving your loved ones secured.
5. Covering Cost of Funeral
Though a funeral is something you might not like thinking about, it is inevitable and to be honest, can go quite heavy on your pocket. Many traditions have several rituals that can cost money. Every funeral rites have to be completed, hence, money should not be an issue. The death benefit lessens the crunch on your family’s savings.
6. Working Post-Retirement
If you are still working post-retirement and are the only income source for your family or spouse, term insurance plans for senior citizens over 60 should be considered by you. After your demise, your spouse would have to be dependent on your children or family relatives for their financial needs. But a life insurance policy provides with a life cover, aiding in stabilizing the life of your spouse.
If your post-retirement case falls in any of the above-given sections, you should definitely consider going for term insurance for senior citizens. Securing your family financially never goes futile but safeguards them further from unforeseen events.
- A Consumer Education Initiative series by Kotak Life
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Reviewed By :
Prasad Pimple
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
