- Life Policy For 60+
- Creating a Legacy of Wealth
- Retirement Protection Plans
Life Insurance for Senior Citizens
Have you planned your future being a senior citizen? Are you someone who's coming closer to retirement and wants a secured future for your spouse or children and yourself? But you're tensed if you are able to get life insurance for 60-year-olds? Well, this article has an answer for you.
Senior citizens are what we call a person who's aged above or across 50-60 years of age. Meanwhile, the considerable age of senior citizens varies from company to company. Taking life insurance not only secures your family's future, but it also supports them in financial constraints and in case of debt obligations even after your death.
Why should Senior Citizens Buy Life Insurance?
Life Insurance not only provides coverage to young adults but for senior citizens as well. Find below the reasons why a senior citizen should buy it:
- Your family could get financial support in tough times when you won't be there with them.
- You can create a legacy for your children, grandchildren or spouse as an inheritance
- Even after you decide to retire, it will provide you with a continuous aid of cash flow
- If your family has to face any debt/loan-related obligations after your death, your life insurance will come in handy to shore off their burden
- Even after your demise, your policy payout will benefit your family in medical circumstances, education expenses, debt management, etc. according to their needs
What are the Features of Life Insurance for Senior Citizens?
This table shows what life insurance for seniors consists of, Let's know more here:
- Whole Life Insurance It covers the policyholder for the whole life, comprehensively till the age of 99 to 100 years. It usually comes with higher premiums than term insurance. It offers tax benefits, lifelong coverage benefits and cash value to the insured.
- Term Life Insurance It provides coverage for a pre-decided term say, for 30 years or for 10 years, or for how long you want to take a policy. Additional riders can be added or the sum assured can be increased in this type of insurance policy by the ascending time.
- Retirement or Pension plans Once the policyholder retires or stops earning for his livelihood, this policy ensures continued financial support to him. It provides the freedom to the insured and his/her spouse to live comfortably.
- Coverage specifications On an affordable premium range, a senior citizen can avail of the policy benefits. Though the policy covers, financial support throughout the period the policy is active, medical care, debt management, security to the family of the policyholder, and many more.
- Tax benefits Senior citizens can avail the tax benefits under the Income Tax Act of 1961 on their income through policy.
- Medical conditions The premiums are subject to family medical history and can be sought before giving you the policy. Also if the insured has some permanent medical condition or pre-existing illness, the premiums and sum assured will be affected.
What are the Benefits of Senior Citizens having Life Insurance?
- Income Replacement It will help you achieve an income source after retirement as a regular payout.
- Financial Protection You don't need to be worried about a financial constraint even if you don't have another source of income in future.
- Fulfil Long-term Goals Sometimes it's impossible to know how long will we be living, suppose you live 90+ years. A life insurance policy will provide you continuous support to fulfil all your needs till your last time.
- Tax Benefits Under the Income Tax Act of 1961, a senior citizen policy features tax benefits on income, so you can avail it.
- Debts & Mortgages In the case of the sudden demise of the policyholder, it can pay off outstanding debts to save your family from it. The family of the policyholder will receive the sum assured of the policy.
Wrapping It Up
Lie insurance has become a critical tool for people especially those living in India. Being emotionally sensitive to our loved ones is what helps us to secure the future of our family even after our death. It helps gain a sense of satisfaction and security when their financial stability is assured.
Furthermore, it's important to know the benefits, coverage, health needs, tax savings, etc. before getting a policy. Senior citizen life insurance is something that not only supports your family in hard times but also creates a legacy of support and security for generations to come after you. Consult the trusted advisors of Policyx.com to know more about a plan that suits and fulfils all your requirements.
Life Insurance for Senior Citizens: FAQs
1. Is there a term life insurance for senior citizens over 60 years of age?
Yes, you can buy a life insurance policy even after turning 60. Check out different insurance plans for you at Policyx.com.
2. What kind of life insurance is best for senior citizens?
Senior citizens can buy a whole life insurance policy or a universal life insurance policy. As it& 039;ll provide their family members the payout benefits even after the policyholder turns 99 or 100.
3. Can we take life insurance for senior citizens over 60 years?
Yes, of course, you can buy life insurance if you are 60 years old. In this case, a permanent life insurance policy is the solution that you may look forward to.
4. Do senior citizens get tax exemptions on their policy?
If they are paying their policys regular premiums, they will probably get tax benefits of up to Rupees 50,000 including preventive health checkups) under Section 80D of the Income Tax Act, 1961.
5. I am 90 years old, suggest a life insurance policy that covers my future life.
The solution is buying whole life insurance that can provide you with a worry-free life. If you pay your premiums regularly, with this policy you can not outlive and you will be getting full-time coverage.
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Written By: Simran Nirala
Lives In: Delhi, NCR Expertise: Health & Term Insurance Simran has an experience of 4 years in content writing. She transitioned from hospitality and digital marketing to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner, she keeps her audience hooked and solves their doubts smoothly.
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