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Should You Buy Term Insurance For Senior Citizens?

Should You Buy Term Insurance For Senior Citizens?
November 19, 2016
A term insurance plan is a protection plan that works as an income replacement for the bread winner's family after his or her demise.

While it's suggested to buy term insurance when you are younger, buying a term insurance for senior citizens has many benefits.

  1. Independence for your spouse-

    A senior citizen term insurance acts as a source of income for your spouse. If you are a male and your wife is dependent on you, things can be financially hard for her. In such case, you want her to be independent and take care of her expenses. This gives her a sense of self respect and dignity even when you are not around.
  2. Your children may be dependent on you-

    Maybe your kids are not financially independent and are dependent on you for their expenses. Buying a term insurance plan will give them the financial freedom of taking care of themselves till they start earning their own money.
  3. Leaving behind a legacy-

    Leaving behind a legacy is nothing but a wish to help out your loved ones and be remembered in their time of need. If anything happens, your loved ones are due a lump sum amount that can help them take care of themselves.
  4. Debt and loans-

    In case someone has taken a loan, and has an untimely demise, the pending debt can affect the family in a huge way, especially if he or she was the only earning member. Leaving behind a debt for your spouse and kids to pay is not the ideal way to be remembered. The family can pay off the loan with the sum assured they receive after the person's demise and remain debt free.

HDFC Life offers you a variety of Term insurance plans to choose from. You can choose a plan according to your specific needs and help secure your family's future.

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