Online Term Insurance for Senior Citizen
- Best 5 Senior Citizen Term Plans
- Check Your Eligibility
- Points to Consider Before Purchasing
Buying a Term Insurance Plan for senior citizens is the best strategy for securing the financial needs of individuals who are 60 years old or who are about to enter the bracket of senior citizens. The entry age for a term insurance policy lies between 18 to 65 years. So, it is recommended to buy a term insurance plan for senior citizens before they turn 65 years old.
Growing age needs more medical attention, senior citizen term insurance provides a death benefit to the policyholder if he/she passes away during the policy term. It is very important to note that unlike life reinsurance policy term insurance monetary value does not gain any value over time, its only moto is to provide a death benefit to the policyholder. Senior citizens may opt for term insurance for various reasons. It can help cover financial obligations such as outstanding debts, mortgages, or final expenses. It can also provide a means to leave a financial legacy for loved ones or help with estate planning.
Since term plans for senior citizens may face higher premiums due to increased mortality risk, it's advisable to compare different insurance providers and policies to find the most suitable and affordable options. Additionally, it's important to be aware that some insurance companies may impose certain limitations or restrictions on coverage for senior citizens, such as requiring medical examinations or excluding certain pre-existing conditions.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
Term Insurance for Senior Citizens is equally essential for senior citizens as it is for young individuals. Senior Citizen Term Insurance is a safety net for the dependents and can act as a financial cushion in the event of the demise of the insured individual. Many senior citizens opt for working life after their retirement. A term insurance plan for senior citizens will act as an income replacement in case there is an untimely demise of the insured individual. As term insurance is a pure protection plan the coverage stands as a protective shield for dependents related to the insured individual. There are multiple reasons for senior citizens to invest in a term insurance plan
There are multiple things an insurance holder must keep in mind before purchasing term insurance for senior citizens such as policy term, premium payment flexibility, sum insured offered to the legal nominee, and more. Term insurance for senior citizens are essential to safeguard the future of your loved ones who depend on your for financial support.
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See More Term Insurance Articles
September 29, 2023
I needed help with rider options after the purchase of my term insurance policy and was guided immediately by the customer care team
May 1, 2023
I seek help from PolicyX when it comes to purchasing any kind of insurance because they provide me with the best quotes and options for insurance
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
