Do you want to avail an online term life insurance plan? You can do so even at the age of 60 years. This was not possible a few years ago. You can avail cover under a term life insurance plan, even at the age of 75 years to 80 years. Senior citizens prefer to purchase term life insurance plans, even though premiums may be quite high at this age.
So What is a Term Life Insurance Plan?
You pay a fixed sum of money called a premium, to a life insurer and avail a term life insurance plan. You pay this amount for a fixed time period called tenure or term of the policy. If you die before the tenure of the plan, the life insurer pays an amount called the sum assured (death benefit) to your spouse and children (nominees of the term life plan). If you survive the term of the life insurance plan, you get nothing.
So Why do Senior Citizens Avail Term Life Insurance Plans?
Senior citizens might have dependents or even liabilities. Senior citizens might have children who still depend on their money. They could be having loans to repay. Many senior citizens take up part time jobs as consultants. They earn quite a lot of money, almost as a regular 9 to 5 job. They could get INR 2500 to INR 3000 an hour, if they work as consultants. They could easily afford the premiums of the term life insurance plan.
When Should a Senior Citizen Avail Term Life Insurance?
When he has wife and kids who depend on his income and if he has availed a home loan which he is still repaying.
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