With time and age, securing the family financially becomes even more essential. We may feel that we do not require life insurance if we are fit and in good health. However, it is not the right strategy to take, considering the uncertainty of life and also how there are responsibilities that everyone has to fulfill. Term insurance can be a harbinger of financial security for your near and dear ones in your absence, helping them live a dignified life without any compromises.
Yet, selecting the best term insurance plan for seniors requires a little homework on your part, considering aspects like premium affordability, age, and health status.
Why Term Insurance is a Must for Seniors
Term insurance enables coverage for a particular duration, usually around 10, 15, or even 20 years. Using a term policy, seniors can pay off outstanding debts or loans. Plus you can offer financial support to a dependent spouse or dependent children for funeral expenses and medical bills, leaving your family with no financial burdens to deal with Unlike whole life insurance, term plans are usually much more reasonable cost making them good choices for seniors most of whom live on a fixed income.
Best Term Life Insurance Plans for Seniors in India
To fulfill the financial goals and needs of seniors there are several term life insurance plans in India. Here are some of the best term life insurance plans in India as per their applicable features.
- The policy should offer wide-ranging coverage for your chosen duration. It can be for your lifetime as well. Several policies offer coverage up to 85 years of age or even till the age of 99.
- There should be added benefits available with the policy. You should be able to choose a policy that comes with options to receive the insurance money (for your nominees) as a lump sum amount or even in monthly installments. It can also be a combination of both.
- No-medical check-up agreements for those in a certain age bracket are another advantage that should be available.
- Riders like critical illness, hospital care, accidental death and disability, etc., should also be available to expand your coverage under the policy.
- The premium amount should be affordable as per your chosen coverage amount. You should be flexibly able to pay premiums as per your desired frequency, i.e. monthly, quarterly, or annually.
- You should be able to increase the coverage flexibly as per your evolving requirements.
- There should be no hidden charges, and all terms and conditions should be outlined transparently.
Conclusion
While it may be true that premiums tend to increase with age, term life insurance still remains a viable option for seniors in India. With some careful planning, seniors can arrange a policy that offers peace of mind to themselves as well as their families. Always compare different policies and talk to an insurance adviser to discover your requirements for the best custom-made plan for your circumstances.