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.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
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 plan to buy an insurance policy.
Underneath are few reasons why senior citizens entail life insurance:
You might not want to leave behind your spouse to the mercy of your children. 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.
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 bread and butter. Therefore, ensuring their prospective future will be the first thing you would like to take care of.
Endowing your family with a gift of life at your departure that can help them accomplish their dreams and needs is the ultimate sense of accomplishment that can be achieved with a policy designed specifically for your needs.
The cost of meeting out 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.
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.
In circumstances whereby you have a huge list of debts to be repaid in your name, leaving them to be paid by your spouse or children is never a good idea. The family can easily pay off the loan with the sum assured receivable to the nominee.
The 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 living benefits such as waiver of premium, accelerated death benefits, accidental death and disbursement coverage, and the like.
Also, a lump sum amount is paid to the nominee in case of the policyholder's death. The amount of waiting period for these policies is also generally low. Several providers also provide insurance without a health checkup, which can be suitable for those who don't wish to go through the hassles of the checkup.
When you turn 80 and over, the number of insurance policy options available tends to decrease. The choice that you make should be based on the following essential characteristics:
Furthermore, to generalize, whole life insurance is suitable for the 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 execution of the policy.
To conclude, life insurance is never a bad idea. Irrespective of the fact that you are aged 30-35 or 80, you can always find a plan that suits you the best. Several factors are different when it comes to the options available, but the benefits are amazing and always worth it.
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