Life Insurance For Senior Citizens? They Aren’t Too Old To Get One

Just because a person hasn't purchased a life insurance policy or he has started playing the second innings of his life, that doesn’t mean he cannot get insured. It is never too late to start something new. 

If you have entered in your senior citizenship, then you can still buy a life insurance policy to protect your present and the future. You can still buy an affordable life insurance policy with a plenty of benefits. 

The first question that crosses everyone’s mind that “Why do senior citizens need a life insurance policy?”, though; there are many reasons that prove that senior citizens also need a life insurance policy. One of the main reasons is that these policies act as a substitution to their source of income, and eventually provides them with the financial support. These policies help them to live hustle-free, as everybody is affected from the sudden halt on the inflow of cash after the retirement.

At times, upon the demise of the breadwinner of the family, children and spouse may face a lot of problems because of insufficient money. If a senior member of a family dies, the spouse or children have to face many problems due to financial crises. Therefore, these policies play a vital role in their life since these policies perform as a successful channel of savings. These policies, at the end of their tenure, also act as an income source. Moreover, many debts can be paid off using the amount received at the end of these policies.

Next question that put senior citizens into a dilemma is, “are they able or eligible to get a life insurance?”

Many insurance companies allow senior citizens (up to the age of 89 years) to purchase an insurance policy. However, the rates and premiums of these policies may vary. Therefore, it is important to compare insurance quotes online and select the most suitable policy. 

To clear all the doubts regarding senior citizen life insurance, let us see the benefits of having a life insurance below: 

Life insurance policies surely handle various problems that a senior citizen or his family may face after retirement. If he doesn’t have a life insurance policy, then the spouse has to use the savings to save the present, putting the future at stake. For example, Mr. Sharma was working with a private company. As he was getting a decent salary, he continued his job without realizing the importance of life insurance. After retirement, the inflow of the cash suddenly stopped and because of no backup, his wife was forced to use her savings. Mr. Sharma later purchased a life insurance, as he realized that he would have a financial backup if he had purchased life insurance earlier.

If you are an insured senior citizen, then you can leave your legacy for your grandchildren for their college fee, wedding bills or any other big life events. The policy will help the heirs to face all a financial crisis, as the policy will provide them with the required financial support.

A life insurance policy can help a senior citizen to face and overcome a financial loss. If an insured senior citizen owns a real estate, then all the estate taxes will be paid by the insurance company, in case the person dies untimely. Moreover, if a senior citizen lives with his grandchildren and dies untimely, then all the expenses of his grandchildren, such as their college fees, medical expenses etc. will be paid by the insurance company.

In today’s world, senior citizens are considered as burden by their children. Their mandatory expenses are neglected by their children. One of the most important expenses is funeral expense. If a senior citizen is insured, then he or she doesn’t have to worry about the funeral expense, as many senior citizen life insurance policies cover funeral expenses too.

Senior citizens already get worried about their expenses, as they are short of income sources. If one gets to know that he still has to pay taxes, he may not be able to save after paying out for his basic expenses. If a senior citizen is insured, then he can avail tax benefits under section 80 C and Section 10(10 D) of Income Tax Act, 1961.

• Senior citizens feel privileged and not feel ignored or lonely in the hardest times, which is surely vital to keep them relaxed, both mentally and physically.

• It can minimize the future financial worries, thereby providing you with an adequate financial backup.

• If a senior citizen is not living with his family, then an insurance policy can take care of his present as well as his future.

Smart Shopping – There are many life insurance companies with different ways of deciding the premium rate and age of buying a policy. It is very important to search the best policy at the most reasonable price. Searching for the right policy will leave an individual with no doubts and they can avail tax benefit without facing any problem.

Compare Insurance Quotes Online – If an individual wishes to buy an insurance policy, then comparing insurance quotes online is the ideal way to find one. Insurance comparison online helps them save on insurance premium. For example, if one compares quotes online, then he or she has many options to choose from. Websites featuring online comparison work for individuals and not for insurance companies. These websites provide individuals with the best insurance quotes.

A life insurance policy is a must for all. A senior citizen should purchase a life insurance policy as soon as possible to prevent all financial risks, which can occur anytime. A life insurance policy not only provides senior citizens with adequate coverage but also deliver financial support to their dependents.