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.
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.
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.