Do You Need Term Insurance Cover After Retirement?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Do You Need Term Insurance Cover After Retirement?

Do You Need Term Insurance Cover After Retirement?
  • 16th Dec 2019 |
  • 2,068

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.

Buy Term Plan Online and Secure your Love Ones


Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

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

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is ₹1 Crore Term Insurance Good Enough Cover?

Calculating Term Insurance Premium

While Buying Term Insurance Compare Features, Not Just Premiums

How To Change The Nominee in Term Insurance?

Why Term Insurance Is Better Than ULIP?

What is Critical Illness Policy

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Understanding Term Insurance Riders

Top 3 Reasons Why You Should Buy A Term Plan Now

How Much Cover Should I Take In A Term Plan?

Term Insurance Plans and Policies for Smokers

Does Term Insurance Cover Accidental Death?

Steps on How to Buy Term Insurance Online

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

What Should Be The Duration Of Your Term Plan in India?

How To Choose the Right Term Insurance Plan?

Is It Good To Buy A Term Insurance Plan In 2022?

Term Insurance – Why You Must Include In Your Financial Planning?

Why is it important to buy term insurance plan?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Individual Life Insurance vs. Group Term Life Insurance

Insuring Protection Against Death With Death Insurance Rider

Why Term Insurance Is Important in times of COVID-19?

Advantages of Buying Term Insurance in Your 50s

Eligibility Criteria for Buying Term Insurance in India

Can I Extend the Tenure of My Term Insurance Plan?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

10 Ways to Mentally Refresh After a Stressful Day

Why 1 Cr Term Plan Is Necessary For Family?

What are incremental term insurance plans?

8 Benefits of Term Insurance You Should Know

How to Surrender Term Life Insurance When you have No Liabilities

All you need to Know about Term Insurance Plans for Housewives

Reasons You Need Term Insurance Plan as a Self-Employed Person

Term Insurance Calculator - Everythng You Need To Know

Insuring yourself against Ill Health with a Critical Illness Rider

Planning For Children's Future

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Term Insurance: Smokers vs Non-Smokers

How Much Term Life Insurance Cover Do I Need in India?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Term Insurance Age Limit – Term Plan for All Age Groups

Do I Need to Give a Medical Test for Term Insurance in India?

Ensure Protection Against Death, Disease & Disability With Life Insurance

How Much Term Insurance Do I Need

Term Insurance With Riders In India

What Happens if you Hide Facts in your Term Insurance?

Can I Buy Term Insurance for a COVID-19 Patient?

What All Documents Required For Term Insurance In India?

Is term Insurance Needed for People With No Dependents?

Side Effects of Covid-19 Booster Doses

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Planning For Son or Daughter's Wedding

Cost of Term Insurance Likely to Increase Soon

Comparing Term Plans – What Should You Look Out For

What Are the Best Term Insurance Plans for Planning Retirement?

How Does A Term Life Insurance Work in India?

Do Beneficiaries Pay Taxes on Term Insurance?

8 Things To Do After Buying Term Insurance

Importance of Term Insurance at Every Stage of Your Life

Know How to Invest at Every Age for Larger Returns

5 Things To Consider While Buying Term Insurance Plan

Is There Any Tax Benefit on Term Insurance?

Insuring Against Accidents with an Accidental Death Insurance Rider

Buying A Term Insurance Plan? Take These Factors into Account

5 Benefits of Early Retirement Planning

Term Plans are Definitely Cheaper than You Think!

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Insurance Policy for Housewife In India

Why Spending Time with Friends is Essential for Your Mental Health?

What is Term Insurance - A Complete Guide

Endowment Plans vs Term Plans: Understanding the difference

Busting Myths and Facts About Term Insurance Policies

Why Should You Add a Rider to a Term Insurance Plan?

How Not To Get Your Term Insurance Claim Rejected

Term Plan with Spouse Cover

Different Types of Premium in Term Insurance

4 Things To Expect From Your Term Insurance Plan in India

Should You Buy a Term Plan After 40?

What are the Documents Required for Term Insurance Plan?

Everything About Claim Settlement Ratio for Term Insurance

How to Identify Term Insurance According to Your Needs?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

What Types of Deaths Are Covered in a Term Insurance Plan?

What Is a Renewable Term Insurance Policy?

Why Married People Should Buy Term Insurance Under MWP Act?

Term Life Insurance Plan for Smokers vs Non-Smokers

Gift Your Father A Term Insurance Plan This Father's Day

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Choosing Riders for Insurance Plans

Why Term Plan Should Be The First Step To Securing Your Future?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Tips to Choose the Right Term Period for Term Insurance Plan

Should Youngsters, Working Couples Buy Term Insurance Plans?

Why Should You Buy Term Insurance in 2022?

Is Group Term Life Insurance Provided By Employer Sufficient?

Why Should You Not Take A Term Plan Without Medical Test in India?

Is a Term Insurance Policy Portable?

Protection for your family

Increasing Term Insurance and Riders

Term Insurance Basics You Should Know

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Why should single women purchase term life insurance?

Why Premium Amount for Term Insurance is So Low?

Difference Between Term Insurance vs Life Insurance

How To Calculate The Amount Of Term Life Insurance You Need?

What is Insurance Premium - A Detailed Guide

Can I Get Term Insurance on Behalf of My Spouse?

Tax Benefits of Term Insurance in India

Can I Make Changes to My Term Insurance Policy Post Purchase?

4 Methods to Calculate How Much Term Insurance You Need

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

What Should You opt for - Limited or Premium Pay?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

5 Term Insurance Benefits for Single Women

How to Compare Term Insurance Online

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

What is a short term insurance policy?

Can Term Insurance Plans Be Purchased As A Gift?

Why Buy Term Insurance Plan With a High Cover?

Is Term Life Insurance Plan an Investment or Expense?

4 Reasons Why You Need Critical Illness Cover

8 Factors to consider before choosing a Critical Illness Insurance

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

10-Year Term Life Insurance Policy - Explained in Detail

Is Life Insurance Investment Worthy Enough

All About Term Insurance Inbuilt Coverage

How Does Term Life Insurance Work? Learn the Benefits

How to Buy 1 Crore Life Insurance Policy Without Medical Test

6 Types of Death not covered in Term Insurance Plan

Which Death Type Does Your Term Plan Not Cover?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Can Senior Citizens Avail Term Insurance?

How To Choose the Right Sum Assured Under a Term Plan?

Insuring Against Disability With Disability Insurance Rider

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Best Investment Plans for Children - Secure Your Child's Future

Why Buy Term Insurance Even at Rising Rates?

Why does every working woman need life insurance?

Make Your Online Term Plan Your Familys Monthly Payout

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

What Is the Correct Age to Buy Term Insurance?

Should You Have Multiple Term Life Insurance Policies?

6 Reasons That Make Term Insurance a Must Buy

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Advantages & Disadvantages of Term Insurance in India

5 Reasons to Buy Term Insurance When You are in Your 30s

9 Ways to Help Family Members in Financial Trouble

Different Types of Protection Plans

Term Insurance with Critical Illness

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Why Should New Parents Buy Term Life Insurance?

Can You Increase Your Term Insurance Cover?

What Are Insurance Riders and How to Choose Them in a Term Plan?

9 Most Frequently Asked Questions on Term Insurance

When is the Right Time to Buy Term Life Insurance Policy for Yourself?