Can Senior Citizens Avail Term Insurance?
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Can Senior Citizens Avail Term Insurance?

Can Senior Citizens Avail Term Insurance?
  • 29th Oct 2021 |
  • 451

It is no secret that old age carries with it the challenges that one does not look forward to. However, being well-prepared for it is always an option. To enjoy a pleasant and peaceful retirement life with your loved ones while also providing for them in your absence, term insurance for senior citizens proves to be highly beneficial.

There is a lot of ambiguity about life insurance for senior citizens and its many elements. In this article, we will walk you through them for a better understanding.

Term Plan for Senior Citizens

Today, senior citizens can avail of term life insurance as insurers have revised the age brackets to make way for such buys. Term insurance is a basic form of insurance where you provide coverage to your family during the policy term. If the insured person loses their life during the term, the beneficiaries receive the insurance amount. Term insurance for senior citizens is a valuable financial tool for anyone who has dependents or has other financial liabilities that need a repayment. Senior citizens should opt for such policies to leave a certain amount for their children, cover any debts they might carry, or ensure complete coverage of their loved ones’ daily expenses.

Situations to Consider Before Buying Term Insurance For Senior Citizens

Purchasing life insurance for elderly individuals, as opposed to purchasing it when you are younger, is fraught with uncertainty and higher premium rates. A term insurance plan for senior citizens can prove to be a helpful instrument for you and your loved ones in the event of any of the following scenarios:

  • Existing Financial Responsibilities
  • During your retirement years, it is quite possible to still encounter any outstanding mortgages or debts. These debts will be borne by your loved ones in the event of your death. To save your family from being stressed in such a circumstance, a senior citizen life insurance policy can prove to be their saviour.

  • The Final Gesture of Love for Your Spouse
  • Your unshakable relationship with your spouse is the pinnacle of your golden years. For the latter portion of your life, living in solitude with your better half is the greatest joy. Nevertheless, you would like to make sure that your spouse has the necessary funds and resources to be independent and lead the life you planned together even if you are gone. A senior citizen life insurance policy can help you secure your future.

  • Guaranteed Support for Your Children
  • One of the most common demographic trends nowadays is that more and more individuals are delaying marriage. Couples delay starting a family at the same time. This tendency has resulted in an unprecedented circumstance: by the time parents reach the age of 60, their children are still in college and require financial support. A term insurance plan for senior citizens will allow your children to spread their wings and live life to its fullest.

Thing to Consider Before Buying Term Insurance For Senior Citizens

  • Age Bracket
  • The entry limit to buy a term plan is 18 years. However, elderly people between the ages of 55 and 65 can also now obtain a senior citizen life insurance policy.

  • Premium to Age Ratio
  • Premium rates depend on one’s age at the time of purchase. So, if you decide to acquire a term plan later in life, you will have to pay higher premium rates.

  • Maturity Benefits
  • One advantage of purchasing a senior citizen life insurance policy is that the maximum maturity benefits can last up to 80 - 85 years.

  • Coverage Term
  • With options like whole life cover, you can be covered and secured till 99 years of age or for your whole life.

To summarise, life insurance for senior citizens is no longer a strange idea! You can now take advantage of the benefits these plans have to offer and lead a financially stable, peaceful and stress-free life.

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Ref. No. KLI/22-23/E-BB/492

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