Can Senior Citizens Buy Term Insurance?

We live in a day and age when none wants to lay a financial burden on their loved ones. This is true especially in the case of senior citizens. The elderly in today’s time do not want to financially depend on anyone, even if it means financial dependence on their loved ones. To help senior citizens stay financially independent even at an old age, insurance companies offer a lot of insurance options, including term insurance. But, the question arises - Can senior citizens buy term insurance and if they can, is it even worth it?

Can Senior Citizens Buy Term Insurance? 

The answer to this question is YES!  Senior citizens can buy term insurance, whether through offline channels or online channels. Despite a lot of myths associated with the same in terms of eligibility, senior citizens have complete freedom to buy a term plan that meets their financial needs. There are insurance companies that offer term insurance to people 50 years of age and above. Moreover, there are even insurance companies that have term insurance policies for senior citizens up to the age of 85 years.

In simple words, it is not an impossible task to find a term insurance plan for a senior citizen. All one has to do is find insurance companies offering term insurance policies to the elderly who belong to the 50 years to 85 years of age range. The ultimate decision regarding the term insurance plan can be taken after comparing the options and choosing the most suitable option based on one’s needs and budget.

Should Senior Citizens Buy Term Insurance? Is It Even Worth It?

Term insurance plans may come across as the best option for sole-bread earners of the family, but that is not the case. Financial security is one of the most significant needs of old age. Term insurance acts as the ultimate savior for the elderly in more than one way. 

Below mentioned are a few reasons that make term insurance a good choice for senior citizens:

• Your term insurance plan will ensure that your spouse and children are not left in any kind of financial crisis in the event of your demise, even if you don’t have any financial backup.
• There are chances that your children may be still dependent on you, be it for basic education or higher studies. Here, your term insurance plan will help you help your children fulfill their aspirations and not give up on their education or other goals because of your sudden demise.
• Your term insurance plan will act as a source of income for your loved ones and they will be able to live a life of dignity and respect. There would be no pressure on your dear ones to leave their comfort and earn money to bear household expenses.
• In case of unpaid loans or debts, your term insurance plan will help in managing the amount by the death benefit received. Your family will be able to live without any concerns regarding the unpaid debts or loans in mind. 
• Your term insurance plan will help you reap income tax benefits under the Income Tax Act, 1961. 

Finally, remember, buying term insurance is totally up to you. If you are interested in buying term insurance, make sure you research well and read the policy wordings carefully before taking a final call. 

Also read: Which is the Best Term Insurance Plan For You – Regular Term Plan or Smart Term Plan?

Term Life Insurance: Myths Vs Reality

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.