Life Insurance for Senior Citizens
The rise in the number of nuclear families and this modern trend of being independent has put a lot of pressure on the senior citizens of our country. Currently we have almost 95 million people above age 60 in India and 8 million above 80.
The statistics is going to increase in future as India, having maximum young population, will see all of them retire all together.
The one who take care of us during our budding ages feels unsecured in their later ages. In the complication of the life, it is 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.
Recommended Read : How to get health insurance for the aged?
Why do 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 fulfil 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.
Recommended Read : Types of Life Insurance
Choose 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.
Recommended Read :
- How to select a Life Insurance Policy?
- Life Insurance for Women
- Types of Life Insurance Policy
- Why Money Back Policy is Popular Among Life Insurances?
- Advantages of Money Back Life Insurance Policy
- Why Everyone Should Take Life Insurance?
- Life Insurance without Limit of Age?
- Life Insurance for Senior Citizen
- Endowment - Life Insurance and Savings
- Is Life Insurance a Part of Investment
- What is Term Insurance Policy?
- What is Accelearated Death Benefit Adb?
- Life Insurance for Senior Citizens
- Health Insurance for Senior Citizens
- What Exactly is Lifetime Renewal of Health Insurance?
- Whole Life Policy Insurance Without Limit of Age?
- How to Select The Best Pension Plan Retirement Plan?
- Fixed Deposit for Retired Citizens
- Reverse Mortgage in India a Boon for Senior Citizen
There may be a number of reasons to why seniors should get life insurance policies. One of the most important reasons is that, these policies can help the senior citizen support themselves and their families. Whole life insurance plan and term life insurance plans are two types of life insurance policies. The policies certainly reduce the future financial tensions of senior citizens and their families.
Senior citizen life insurance is just another example of how we need to cater specially to the ageing population. These insurance policies can assist in payment of so many things that are high in expense, when the younger family and caretakers cannot afford it in the early part of their life.
Insurance for senior citizens might sound amusing but it is not so. This insurance helps the aged to take care for themselves without asking for it. The standard of life they had lived need not be changed just because either of them is not there or they have no source of income. With such a major percentage of our population belonging to this age group even the Goverment needs to think about it.