Life Insurance for Senior Citizens

In this fast pacing life, the pressure of getting everything settled down before 35-40 years of age is intense and real. However, old age doesn't mean you can't plan for your financial security. As long as you have an income flow and the right strategy to save up financial funds for your future, you are doing great.

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After attaining 50 years of age you qualify as a senior citizen and there are various basic plus customized life insurance plans available for you to safeguard your life during the final stages against the uncertainties.

Life insurance plans for senior citizens are designed to provide protection till the very last stage of life. As we all know the senior citizen's population is rising in India, the expectation to live independently and carefree is also rising high. If senior citizens are not that well-off they usually tend to feel very lonely and helpless. Over that, if they are suffering from some ailment or severe condition then life gets very upsetting for them. However, you can help them live a happy and financially independent life by purchasing a life insurance plan for them.

A life insurance plan for senior citizens can be utilized in multiple ways. They can use the cover amount at the time of maturity. In case of the untimely death of the policyholder, the nominee will receive a death benefit from the insurer. There are many benefits of buying life insurance for senior citizens which we will discuss further in detail.

What is Life Insurance?

Life insurance is a contract between an insurer and a policyholder. The contract is about the financial benefits that a company pays after a specific period of time or upon the untimely death of the policyholder. In return for maturity benefit or death benefit, the policyholder pays monthly or yearly premiums to the insurer. By choosing a life insurance policy you have chosen to protect your family against the uncertainty of life. 

Why Do Senior Citizens Require Life Insurance?

There are a number of reasons why senior citizens require life insurance policies. However, the main reason is that these policies can work as a replacement for their income to help them spend their final stage of life in an independent manner. This is because the cash flow suddenly gets stagnant and in some cases stops completely. 

Also, in an unfortunate case of the untimely death of a senior citizen, the entire dependent family will suffer the loss of their loved one at the same time face a sudden financial crisis due to lack of emergency funds. 

However, you can help your dependent family members to avoid such financial stress by buying a life insurance plan. In your absence, it can work as a savings channel and aid to meet their immediate financial needs. In case everything goes fine and you survive the policy term, you will receive the promised cover upon maturity of the policy term. 

The money received at maturity or as a death benefit at the time of the policyholder's death can be utilized to pay off pending or ongoing debts, medical expenses, education expenses, etc. as per the nominee's or dependent family member's needs. 

Life insurance policies for senior citizens are designed to provide protection to your dependents. These policies offer complete peace of mind to the insured by ensuring that their aging parents will be taken care of in their final stage of life. By providing your aging parents a good insurance policy, in a way, you are taking the responsibility of securing their future against any untimely financial trouble. 

Benefits of Life insurance policy for Senior Citizen 

Life insurance policies for senior citizens offer several benefits to maximize the overall coverage and to offer secure financial backup. The benefits are:

  • Senior citizens feel respected and don’t feel lonely or helpless in their final phase of life. This is very important for anyone to feel in their final stage. This feeling keeps any individual sound and healthy from the inside.
  • Buying a life insurance policy for senior citizens ensures the ultimate financial security. This means it helps in reducing financial stress in the future.
  • If you have bought a life insurance policy for a senior citizen you can avail tax benefit on the income you will receive from the policy under the Income Tax Act, 1961.
  • In case of your untimely death, your dependent parents will receive the sum assured. This way the financial burden will not get passed on immediately to other family members or them.
  • Many insurance providers offer funeral/death expenses, medical expenses, and financial aid to pay off other unpaid debts, along with the basic life insurance plan. In some rare cases, one can pay off personal loans by using the policy cover. 
  • In the case of post-retirement, a life insurance policy can provide the benefit of regular income. 

Final Word

Many insurance companies provide life insurance policies for people who are 50 years old or above. There are also few insurers who offer customized plans to senior citizens who are 65 years or above. Along with that, the maturity age of a life insurance policy with various companies varies from 18 years to 85 years. This aspect of insurance policy allows many individuals to buy a life insurance plan for senior citizens even though they have not purchased any plan before. And as you know, it comes with many benefits at an affordable premium price.

Written By: PolicyBazaar
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