A term insurance policy is a pure protection plan that provides a risk cover against death on the life of the policyholder. Thus, if the policyholder succumbs to an untimely death during the policy tenure, a death benefit will be paid out to the nominee. This payout can serve as an income replacement for the policyholder’s family and help the family meet both immediate and long-term financial needs.
While term insurance policies in the past were exclusively marketed towards the younger demographic, life insurance providers, today, also offer term insurance plans to senior citizens. Many of these term insurance policies can be purchased by individuals in their 50s and 60s. Further, these policies also provide coverage up to 75 or even 80 years of age. Read on to know more about why you should purchase a term insurance plan if you are a senior citizen and some of the most popular senior citizen life insurance plans that are currently offered by insurance providers.
Listed below are certain insurance policies that provide life coverage to senior citizens. These policies are offered by life insurance providers with the highest claim settlement ratios for FY16-17.
Term insurance policies are a smart choice for individuals looking to provide financial security to their family, regardless of their age at the time of purchasing the plan. That being said, always make sure to compare at least a few different plans and opt for the policy that offers the best benefits at an affordable cost.
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