Insurance Tips

5 Advantages of Cheap Term Life Insurance for Seniors

How cheap term life insurance aids seniors

When you have passed a certain age, the future seems insecure and there arises a sense of urgency in trying to negate this feeling. When it comes to financial security, a decent and cheap term life insurance policy specifically designed for senior citizens can go a long way in securing your life. There are several reasons why this policy must not be treated as a surplus back-up.

A few facts about term life insurance for seniors

• It is the most commonly sought after insurance policy for senior citizens

• The rates of these insurance policies are dipping by the day, making them highly affordable

• Senior citizens are an important target audience to most insurance companies. Thus many insurers are coming up with tailor made plans to suit senior citizens’ requirements

• While an 80 year old may be deprived of term life insurance by almost all the insurers, there are a few insurance companies that are still willing to offer a policy with very basic returns, subject to medical history.

Key advantages

Advantage 1 – Affordable

The policy for senior citizens is very affordable with a minimum premium that other insurance policies will not be able to provide. Most people consider it as an investment, the amount of which is very convenient to spare.

Advantage 2 – Purchase Money

A senior citizen, as harsh as it may sound, does not have many more years ahead of them. The last thing a person would want is to be a burden on someone, even if it is his own family. This thought drives him to consider a term insurance policy. On taking such a cover, you are actually “purchasing money” to be utilized for your own expenses which arise during the course of your lifetime or even after that. This amount, on its maturity, takes care of the medical expenses that are likely to arise as well as the post death expenses such as funerals, etc.

Advantage 3 – Property Planning

Most term life insurance for senior citizens is very cheap. If you have a source of income even at that age, say pension for instance, you can very well afford a term life policy. One of the most common reasons why senior citizens opt for this policy is to plan and hand over their property or estate to the next generation in their family with ease. Term life insurance ensures that the estate is not affected or depleted by the taxes levied on it after your death.

Advantage 4 – Death benefits

You can receive death benefits, the period of which is determined at the time of purchase of the policy. Death benefits are subject to the age at which you purchase and medical history reports furnished.

Advantage 5 – Cater to the family

Every person wants to see their family taken care of even after they are gone. Ensuring that your family is not burdened with expenses related to your health and death is one of the basic things that you can do.

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