Term Insurance Options When You Are in Your 50s

Health can be a serious problem as majority of people may be hit by hyper tension or diabetes etc. Online term insurance policies India are always affordable for healthy and young people. When you are fulfilled with most of your responsibilities, you may still wish to leave a strong financial support for your children and grandchildren as well.

As age passes, people are more prone to health problems and hence, it is advisable to buy comprehensive health insurance online which insures policyholder’s life and his or her medical expenses. It is a fact that hospitalization can drain all your hard-earned savings and only mediclaim policy would handle this financial burden.

Insurance to buy at the age of 50

·         Annuity and Pension Plans

An exclusive segment of policies provided by term insurance companies in India is retirement solutions. This solution involves accumulation phase and redemption phase. During accumulation phase, policyholders generate retirement fund by investing their hard earned money in retirement plans before retirement.

On the other hand, redemption phase in the form of regular and guaranteed income throughout life post retirement under annuity plans. According to industry experts, a combination of these two financial products offers a good investment avenue which manages risk effectively.

·         Health Insurance

Comprehensive health insurance sufficiently covers any emergency medical condition. While deciding sum insured, do not forget to consider the increasing inflation rate and its effect on medical costs and your residential location. Always prefer cashless schemes and opt for a plan that covers basic hospitalization expenses and post-hospitalization costs. Search those plans which give a wide range of advantages including no claim bonus.

·         Term Insurance

This is the simplest yet important term plan available in the Indian insurance market. It provides life coverage, monthly income under certain conditions and sum assured in case of policyholder’s demise.

At the age of 50, people must be careful where to invest their money. So, invest wisely or take guidance of a certified insurance professional to help you in your financial planning. 

 Source: http://www.policyboss.com/blog/term-insurance/term-insurance-options-when-you-are-in-your-50s