Why Term insurance for Senior Citizens is worth Buying?
If you have term insurance handy, you can cherish all your happy moments and make a fine cushion for the old age. Your golden years should not impose a burden on you and that is only possible with financial planning. Earlier it might be difficult but now you can easily buy term insurance online. It saves both time and effort and one can easily compare various term insurance plans online.
Though it is recommended to buy one at a younger age, there is no stopping when it comes to buying it for senior citizens who have attained the age of 60 years. It is a pure protection plan, which will help either of the survivors as a source of funds when an emergency strikes.
If you are a senior citizen you can buy a policy for yourself or ask your children to help you buy one. Or if you are looking to buy term insurance for your aging parents then you can also help them get one.
There are a number of insurance providers that are providing affordable term insurance plans for senior citizens. There are many term plans available for people above 50 years of age and then there are some specific plans for senior citizens up to 85 years of age.
Let’s delve into the fact why term insurance for senior citizens is worth buying-
Under the following conditions, it is advisable to have term insurance for senior citizens:
1. You are one of the Earning Members
If the situation demands you to work after retirement and you still taking care of the finances then you must consider term insurance for senior citizens. You may choose to work for either of the reasons- due to monetary problems or to maintain your social status.
However, anyone who is working post-retirement age, a senior citizen term insurance policy is recommended for them. It will provide a cover for the financial gap that your family or spouse may have to face in case of your sudden death.
2. You Don’t Want to Leave Your Spouse Financially Impaired
Nothing can fill the emotional gap, but term insurance can at least fill the financial gap. You cannot predict for how long you are going to live, but it is certain that your dependents are going to struggle for money in your absence.
Even if you get a pension, the source of income will stop post your demise, it will become difficult for your spouse to even pay for the routine expenses.
If you still haven’t done any fiscal planning, it is recommended to do some financial arrangements, with a senior citizen term insurance plan. It will save your dependent spouse from financial crises. The insurance amount is either paid in lump-sum or in monthly installments to meet the day-to-day expenses.
3. You Have Pending Loans and Debts
After retirement, one deserves to stay in a stress-free environment. At such an age, one already has to deal with health issues and financial burden will be a double whammy.
If you do not want to burden your family members for any of the loans that you have availed in your life, be it a home loan or personal loan, it is recommended to buy term insurance for senior citizens.
It will assist your family to deal with such outstanding loans. As the remaining loan amount can be met with the sum assured that they will receive after your demise.
4. You Have Dependent Children
If you have children who are financially dependent upon you, then imagine the financial wrath they will have to bear in your absence.
In the event of your untimely death, your children’s dream of higher studies or a plan for a decent marriage may get jeopardized. That’s why opting for a term insurance for senior citizens is a wise decision, as it will take care of all the pending expenses.
Parents love their children selflessly and term insurance is one such way of expressing your unconditional love. Do not let any such unfortunate event change their lives. Offer them a lifestyle that they should have even when you are not there to look after them.
5. You wish to bestow a legacy
Anyone who would like to bequeath an inheritance for their loved ones can buy term insurance for senior citizens in their lifetime. Once you are gone they will receive a lump-sum amount and they will thank you forever. So, buy term insurance to ensure a peaceful and respectful life to your loved ones, even when you are not around.
In a nutshell
The premium for term insurance for senior citizens may be higher for senior citizens, but this is no reason to let your dependents suffer in your absence. Help them lead a worry-free life by making financial arrangements for them with term-insurance. Buy a senior citizen term insurance plan, if you were not able to buy one at an early age.
Asses your requirements, and choose an adequate term insurance for senior citizens by researching online and live a peaceful life.