You saved up for years to create a sound retirement fund for yourself, but you feel a gaping hole in your heart, almost as if something’s missing. Could it possibly be because you’re worried you’re not leaving anything behind for your loved ones?
Despite popular belief, a Life Insurance plan can be a good source of money at just about any age. Even if you’re a senior citizen, allow this article to walk you through the importance of having a life insurance plan that will serve you and your family for life and beyond.
I’m a senior citizen. Why should I consider buying a life insurance plan?
A life insurance plan is an investment, and it’s never too late to invest in anything that leads to financial security. It helps you take care of your family in your absence. Here are a few reasons why you should consider purchasing a life insurance plan-
- If you have dependents
If you have people dependent on your income, then consider purchasing a senior citizen life insurance policy. If your partner is a homemaker, or you have your children or grandchildren to take care of, you need insurance. Also, if you have young children who still need your support until they become financially independent, then you must consider purchasing a life insurance policy to secure their future.
- If you have outstanding debts
A person takes out many loans in his or her lifetime to meet both long term and short term goals. These could vary, such as buying a house or a car, for the education and marriage of their children, and so on.
If you have any unpaid dues like these, you need to consider purchasing a life insurance plan to protect your dependents from the financial stress of your outstanding debts in the event of your untimely demise. In case of your death, the insurance policy for senior citizens pays out a death benefit which they can use to pay off the remaining debt.
- To leave behind a legacy
If you wish to leave behind a legacy or something for your family, you must consider purchasing a life insurance policy for senior citizens. In case of your demise, the policy awards your nominees with a death benefit, which can help them meet their expenses and help them achieve their own life goals along with meeting their responsibilities. This will also assist them in living their life comfortably.
Remember to analyse your goals, and the financial resources need to meet them when hunting for plans. If you’re confused, feel free to reach out to PolicyStreet’s dedicated customer service team who are authorised by Bank Negara, Malaysia to help you obtain the insurance that comprehensively meets all your requirements.
Best Insurance Plan for Senior Citizens: Term or Life?
|Basis||Life Insurance||Term Insurance|
|Offered Coverage||Provides both death and maturity benefit.||Only provides benefits in the event of demise occurring only within the term period.|
|Flexibility||In life insurance policies, the maturity benefit is provided only if the insured completes the entire tenure of the policy.||More flexible in terms of surrendering. In term Insurance, if you stop paying the premium, your policy is automatically terminated and lapse.|
|Claims||Simple, hassle-free claims through policystreet.com!||Simple, hassle-free claims through policystreet.com!|
What is a rider and do you need to add them?
In simple terms, a rider is an add-on option which can ensure that your Policy fully meets your needs. Typically Insurers can provide you with a range of add on options, including, but not limited to, accidental death and permanent disability riders. Should either of the aforementioned events occur after your rider purchase, you will receive an additional sum insured to you in addition to your standard life insurance benefit.
Riders are recommended to senior citizens whilst purchasing their life Insurance policy because they can avail added monetary advantage to financially protect them in any unforeseen ailments. PolicyStreet.com offers a wide range of rider options at the most affordable cost so if you’re confused about whether or not to incorporate rider in your Policy, feel free to have a chat with Policystreet.com’s super helpful customer assistance team!
What is Guaranteed Universal Life Insurance for Seniors?
If you’re looking to buy a life insurance policy but want to check out affordable options, a guaranteed universal life insurance might be the way to go for you!
A guaranteed life insurance would imply that as long as you pay your planned premiums to keep your policy active, your beneficiaries will receive the guaranteed death benefit when you die.
Through this, you can also enjoy the option of decreasing your death benefit without having to buy a new, separate policy.
A guaranteed universal life insurance is highly recommended to senior citizens as they can keep their premiums as low as feasible without worrying that it’ll deprive their loved ones of receiving a benefit after their demise.
Will the cost of my premiums be high because of my age and gender?
It is likely that the cost of your premiums would be a little higher as opposed to a man in his 30s. However life insurance is highly subjective and depends on a variety of factors. You can lower the cost of your premiums considerably if you’re able to prove that you’re a non smoker/ drinker and in good health.
Similarly, your gender also affects your premium cost. That’s primarily due to the notion that women are more likely to go to the doctor and take prescriptions, especially during their reproductive ages between 15 and 44. Women are also more likely to be diagnosed with chronic diseases.
However, for senior citizens it is likely that men are charged a slightly higher cost of premiums than women. This is because as age increases, men are more prone to be afflicted by chronic cardiovascular diseases. Overall, if you’re unsure to what extent your gender affects your premium, consult with our team of experts who’re here to guide you and ensure that you get the best possible policy suited to meet your needs!
How can I buy an affordable life insurance plan?
www.policystreet.com helps you find the best insurance for a senior citizen which does not cause any financial stress on your retirement savings. Check out our website to know how we make Insurance extremely cheap and easy for all our customers. To know more, don’t hesitate to reach out to our dedicated customer service team via this page or Whtasapp us on +601 11-684 2590 right now to know more!