Should You Purchase Term Insurance for Senior Citizens?

Term insurance is a type of insurance, which will provide coverage for a particular period. In case of death of the insured during the policy tenure, he will receive a death benefit and if he survives the tenure, he will not receive anything. The idea behind an online term plan is to provide for the well-being of the policyholder’s family if an untoward incident was to occur.

What Are The Benefits Of Term Insurance For Senior Citizens?

If you are a senior citizen, listed below are the reasons as to why you should avail of a term insurance policy.

• Children Might Be Dependent On You

In many cases, children are financially dependent on their parents for their expenses. When you buy term insurance, you give them the financial freedom to take care of themselves until they start earning particularly when you are not around.

• Independence For The Spouse

Term insurance for senior citizens can provide complete independence to your spouse during your absence. It can act as a source of income for the spouse. If you are a man and have a wife who is dependent on you, things could become financially difficult for her. Hence, term insurance will give her a sense of respect when you are no longer around.

• Leave Behind A Legacy

When you are no longer there to look after your family, you can leave behind a legacy. It is nothing but a wish to help the loved ones and ensure that they remember you in difficult times. In case of an unfortunate event, the insurer will provide your dear ones with a lump sum to take care of their financial requirements.

• Take Care Of Debt And Loans

Imagine a scenario wherein you are the only earning member of the family and have taken a loan. Due to an unfortunate incident, the burden of repaying the loan comes on your family in your absence. This situation could leave your family members in a pile of debt. However, with an online term plan, the family members can pay off the loan with the sum assured they receive as the death benefit.

Conclusion

Buying the best term insurance plan for senior citizens in India will ensure that you feel honored and do not worry about the financial future of your family. In addition, with a term insurance policy, you can avail of an income tax benefit according to Section 80C of the Income Tax Act, 1961. Therefore, a term plan is the best investment you can make. It will ensure the financial security and safety of the most important people in your life. 

Also read: How to Choose Term Insurance Policy in 2021?    

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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.