What are the features of term insurance for senior citizens?
Turning old is an inevitable part of your life. As you grow older, you might suffer from severe health conditions such as kidney failure, cardiovascular diseases, cancer, and so on. Due to the severity of the diseases, you might fear the worst. Besides, if you have financial dependants during your old age, you might constantly worry about them in your absence. Planning for such contingencies becomes a very important aspect of your life so that your mind is at peace.
There are popular life insurance products that can help you to protect your family after you are not around for your family. Amongst the available life insurance policies, term insurance plans can help you at an older age to ensure your family is secure in the future. A term policy is a protection plan that can financially secure your loved ones, irrespective of your age. The earlier you plan to get a term plan, the better it is for you. Before you purchase a term plan for your family, let’s go through the features of term insurance that can be available for every senior citizen:
- Coverage
The coverage can be an essential part of your term insurance. Since the term coverage can be beneficial to protect your loved ones in your absence, choose it adequately. As a policyholder, you should select term coverage based on the requirements of your financial dependents. Under term insurance, you can increase the coverage after reaching specific milestones such as getting married, planning to have kids, reaching retirement, and so forth. In addition to this, you can jointly cover your spouse under the same plan after you are married to secure the financial needs of your loved ones after your demise.
- Premium
Premium is an inevitable part of every life insurance policy. Today, you can buy term insurance plans in India with new-age features at a competitive premium value. Although the term insurance premiums can be relatively low as compared to other insurance policies such as endowment plans, money-back plans, and so on, you should compare various options in the market. Don’t be lured by the low premium value of a term policy. Select a term policy that can offer comprehensive coverage at an affordable rate.
- Riders
Many insurance companies can avail riders either on top of the term plans or separately. Riders are the additional benefits that can enhance your base term policy. In addition to this, riders can cover scenarios such as critical illness, physical disability, accidental death, and so on, that is not usually included under your base term policy. Although riders can be beneficial, you should purchase only those riders, which are relevant to you. If you avail many riders altogether, the final price of your term policy can rise automatically.
- Easy access
Due to the emergence of e-commerce, you can purchase many insurance products directly from the online portal of your insurer. An online term plan can allow you to buy the desired policy in a single click from any corner of the world. Moreover, it can ensure your convenience since it can be hassle-free as well as can save you from the trouble of hefty documentation. Due to the zero involvement of an insurance agent or a third-party, an online term plan can be relatively cheaper than an offline purchase of a term plan.
- Flexible
Apart from its affordability, a term plan can also be known as a flexible form of an insurance product. When you buy term insurance, you might have the liberty to choose the death payout frequency. As a policyholder, you can decide whether your nominees should receive a lump-sum amount or a monthly income after your demise.
To conclude, term insurance has been a part of the life insurance market for a long time. Whether you are a bachelorette, married individual, or a senior citizen, it can provide for security in terms of finances when you are not around so that your family’s life goals are not affected. Therefore, consider your and your family’s goals before you get your hands on term insurance.
