Life insurance for senior citizens is fast becoming something of a necessity. Why so? Many seniors have dependents and spouses to take care of, while many also want to leave behind an estate or legacy when they pass away. So, depending on their needs, senior citizens will require the right life insurance plan. Yet, it is sometimes tough to find suitable and pocket-friendly policies in this age segment, while coverage limits also come into play at times. Here are a few aspects worth knowing more about, in terms of obtaining comparatively affordable life insurance for senior citizens.
How to Get More Pocket-Friendly Life Insurance for Senior Citizens?
When it comes to getting more budget-friendly life insurance for senior citizens, here are a few aspects worth noting.
- You can consider whole life insurance, which is a more budget-friendly option in most cases. They take away the stress of renewing coverage with a higher premium after a certain duration. It can be a good option to financially secure the family for your entire lifetime.
- Some insurers have upper age limits till 65 years, so you should buy before then. Some may extend this to 80 or 85 years as well. You should check this carefully before finalizing your insurance policy.
- Premiums are influenced by several factors including your age, gender, overall medical and health conditions, and so on. Make sure that you lead a healthy lifestyle and keep diseases at bay to get lower premiums on the coverage that you want. It is one good way of lowering costs and an incentive for you to keep yourself healthy.
- Buy as early as you can to get a lower premium amount, i.e. before 65 in most scenarios.
- Compare premiums online for the same coverage across multiple insurers and policies. This will help you get the lowest possible amount that you can afford to pay regularly.
- You will have to go through a medical test to check for any pre-existing ailment. The premium amount will be impacted in case there are any medical conditions.
- You may consider availing of more affordable coverage while using riders to beef up the overall coverage. These may include waiver of premiums, terminal/critical illness coverage, accidental death or disability, etc.
- If you cannot get high coverage without paying a huge amount in premiums, opt for the lower coverage at a lower rate and beef up your overall security with Government schemes like Ayushman Bharat and riders, as mentioned above.
- Choose shorter policy tenures with higher coverage if you have pre-existing medical conditions. Smaller tenures may often help you get lower premium amounts for a relatively higher coverage amount.
Conclusion
These are some tips that may help you get more affordable life insurance for senior citizens. Remember to shop around online and compare multiple policies in order to find the most affordable one with the coverage and features you want. This is vital to financially secure your dependents without compromising on affordability.
