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Life Insurance for Senior Citizens over 80

If you are the bread earner for your family, no time is bad to secure their future. You always have an opportunity to redeem the time lost and ensure that you leave behind a significant amount to cater to your family's needs. All instances are also true for policy buyers above 80 years of age. 

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Buying life insurance for senior citizens over 80 years of age only helps the family stay financially secure in the absence of the policyholder. This article covers the things you need to know if you are a senior citizen above 80 years of age and planning to buy a life insurance policy.

What Are The Best Life Insurance Plans for Senior Citizens Over 80 Years?

Life Insurance Plans over 80 years Entry Age Maturity Age Sum Assured
ICICI Pru iProtect Smart 18 - 65 years 99 years Rs. 50 Lakhs to 10 Crores
HDFC Life Click 2 Protect Super 18 - 65 years 85 years Rs. 50 Lakhs to 20 Crores
Max Life Smart Secure Plus 18 - 65 years 85 years Rs. 25 Lakhs to 10 Crores
Tata AIA SRS Vitality Protect 18 - 60 years 85 years Rs. 50 Lakhs to 2 Crores
Bajaj Allianz Smart Protection Goal 18 - 65 years 99 years Rs. 50 Lakhs to No Limit
PNB Mera Term Plan Plus 18 - 50 years 80 years Rs. 1 Crore - No Limit
Canara iSelect Smart 360 Term Plan 18 - 65 years 99 years Rs. 25 Lakhs to No Limit
Kotak Life Kotak e-Term 18 - 65 years 75 years Rs. 25 Lakhs to No Limit
Aditya Birla Capital DigiShield Plan 18 - 65 years 99 years Rs. 30 Lakhs to No Limit
SBI Life eShield Next 18 - 65 years 100 years Rs. 50 Lakhs to No Limit
Aegon Life iTerm Prime 18 - 65 years 70 years Rs. 25 Lakhs to 20 Crores

*Note: The table is made in reference to a 60 year old non-smoking male, with a salaried income of 15 Lakhs per annum, choosing Rs. 1 Crore life cover until 80 years of age.

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₹50
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Life Cover

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₹75
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Life Cover

@ Starting from ₹ 12/day+

Why Is Life Insurance for Senior Citizens Over 80 Required?

Following are a few reasons why senior citizens entail life insurance:

  1. To take care of your life partner

    You might not want to leave behind your spouse, kids and parents without any financial help. To upkeep their personal needs and ensure the continuance of their existing lifestyle, it is important to avail of coverage that can provide a lump sum to your surviving partner. Especially when your partner is a homemaker, it can provide self-dependence, dignity, and the support they need in your absence.

  2. If you have financially dependent family members

    If you have individuals dependent on you, then you should think of buying a life insurance plan. If your spouse is, a housewife or you have parents to take care of, insurance is needed. Also, If your kids are dependent on your source of income for their expenses, they need a safety net to cushion them until they start earning their own. Therefore, ensuring their prospective future will be the first thing you would like to take care of.

  3. Leaving behind a Legacy

    If you are thinking of leaving behind a legacy or some financial support for your loved ones, you should consider buying a life insurance plan for senior citizens. In case of your death, the plan provides a death benefit to your nominee, which can help them fulfil their goals along with all the liabilities.

  4. Funeral and burial expenses

    The cost of meeting the funeral expenses is generally laid upon as an additional burden for the surviving members of the family. Therefore, it will be a supportive gesture to ensure that your family does not have to suffer after you leave.

  5. Medical expenditure

    With the increase in age, the cost incurred on your medical well-being tends to escalate at unbound rates. The burden tends to fall on your children or your spouse. The best way to ensure they are relieved of the same is to create a backup for them while you can.

  6. Outstanding debts and loans

    An individual takes loans in his/her life to meet short and long-term objectives such as buying a car or house, for their children’s education and marriage. So, in case of any such unpaid amounts, you should consider buying a life insurance plan to secure your dependents from the financial stress of your unpaid debts in case of your unforeseen death. The life insurance policy for senior citizens over 80 years pays out a death benefit in case of the policyholder’s death. The payout can be used to pay off the rest of the debt amount.

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What Are The Benefits Of Life Insurance Policies For Senior Citizens Over 80?

Life insurance policies can be a very good support system for senior citizens over 80 to ensure the well-being of their families and dependents. In addition, some policy insurers also provide rider benefits such as waiver of premium, accelerated death benefits, accidental death and disbursement coverage, and the like.

Read on to know more benefits of life insurance for senior citizens over 80:

  • Helps to take care of medical expenditures in old age

  • Reduces the financial burden or stress

  • Build an emergency fund, in the long run, to deal with any emergencies after the age of retirement.

  • Checks your future financial liabilities post-retirement, so that you can live your retirement years free of any stress.

  • Helps in achieving the long-term financial goals of life

  • Tax benefits as per the prevailing laws of the Income Tax Act, of 1961.

Let’s understand the need of buying term life insurance in old age with the below stated examples:

  1. Example 1: If your children are financially dependent on you

    If you decide to have kids, they will rely on you financially. By the time you're 60, your kids might be in college or working. Getting life insurance will ensure they have money even if you're not there to help them.

  2. Example 2: If you wish your better half to be self-reliant

    In case you have a non-working partner, it's up to you to look after their financial well-being when you're older. If something unfortunate happens to you, a life insurance policy can help make sure they have financial security.

  3. Example 3: If you have financial liabilities

    Clearing unpaid loans and debts during your retirement can be tough, and if you pass away, your family will be left with those financial obligations. To address this, it's a wise choice to get a term or life insurance policy in your name. The money from the term policy can be used to settle any outstanding debts or loans, reducing the burden on your family.

How to Choose the Right Life Insurance Policy for Senior Citizens Over 80?

When you turn 80 and over, the number of insurance policy options available tends to decrease. Before buying life insurance for senior citizens over 80 years, you should always compare all the plans available in the insurance market and choose the one that suits your needs the best. Following are the points that you should keep in mind before selecting a life insurance plan for senior citizens over 80 years:

  • Your financial need and expectations

  • Type of policy

  • Number of Dependents

  • Status of Health/Medical Condition

  • Income Level

  • Cover Amount

  • Premium

  • Policy term

  • Riders

  • The market reputation of the insurer

  • The claim settlement ratio

  • The terms and conditions of the policy

  • The coverage provided

Furthermore, to generalize, whole life insurance is suitable for seniors who are willing to cover only their final expenses, whereas term insurance would work well for someone looking forward to significant expenditures and are healthy at the time of starting the policy.

Wrapping It Up!

It is always recommended to buy a life insurance plan at a young age. Irrespective of the fact that you are aged 30-35 or 80, you can always find a plan that suits you the best. Always ensure to check the long-time financial goals and the resources to meet the objectives while zeroing in on a term policy.

FAQs

  • Q: Am I eligible for insurance at the age of 80? Do they require a health examination for the same?

    Ans: Yes, some policies are specifically available for senior citizens over the age of 80. A health examination may or may not be required depending upon the type of policy you choose to go with.
  • Q: Am I too late in deciding to buy an insurance policy?

    Ans: It is never too late to secure the future of your family. You can avail of the policy's benefits and leave behind financial support and love for your family even when you have crossed your retirement age.
  • Q: Is it possible to get immediate coverage with no waiting period?

    Ans: Yes, there are insurance providers that can provide you with plans with no waiting periods and immediate coverage.
  • Q: Is life insurance only for senior citizens?

    Ans: No, life insurance is not age-dependent. It's important for individuals of all ages who have financial dependents or obligations, as it can provide peace of mind and financial security for loved ones in the event of an unexpected death.
  • Q: Can I have more than one life insurance policy as a senior over 80?

    Ans: It's possible to have multiple life insurance policies, but managing them effectively and aligning them with your financial goals is essential.
  • Q: Should I consult with an insurance advisor or agent before choosing a policy?

    Ans: Consulting with an insurance advisor experienced in senior insurance can be highly beneficial in selecting the right policy to meet your specific needs and goals.

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