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5 Reasons to buy Term Insurance in your 50s – Know Why!

5 reasons to buy term insurance in your 50s

Should you buy Term Insurance in your 50s – Here’s 5 Reasons Why


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Oct 01, 2021

By : Bajaj Allianz Life

 

How Term Life Insurance Works?

 

Your loved ones' existence is dependent on your income, you must ensure their financial security while you are away. And term life insurance is one of the most preferred tools for ensuring your family's financial security. As a result, you'll need to know what term insurance is and how it works.

Term insurance is a type of life insurance that is solely for the purpose of providing protection. It gives coverage for a set length of time in exchange for a set premium. The insurance guarantees a payout in the event of an adverse event occurring during this time period. It compensates your nominee for your income loss. The affordability of term plans is a distinguishing aspect. There is no financial component to such schemes. The full premium is used to cover the risk of death. As a result, term life insurance offers substantial coverage at affordable prices. Term insurance, regardless of your budget, can cover your dependents' financial needs in the event of a disaster.

 

Why It's Not Too Late to Buy Term Insurance in Your 50s - Term Insurance Benefits

 

 

• Ensure the safety of your children and grandchildren.

 

Your children's financial security will always be your top priority, no matter how old you get. The growing tendency of late marriages has resulted in children trying to settle down when their parents approach retirement age. As a result, your finances may not be sufficient to care for your children. Even if your child has gone on to have a successful job, you will always want to help them financially in any way you can. This is why you should purchase term life insurance to protect your child's life even if you are no longer alive.

 

• Replaces Your Earnings

 

What happens if you are forced to stop working due to an unforeseen event, even though you have meticulously planned and saved for your retirement years in advance? Term insurance provides financial protection in the event that the insured person is faced with a dire circumstance that results in a loss of monthly income.

 

• You want your partner to be independent.

 

You may have set aside a sum of money for your post-retirement financial needs, but this sum may not be sufficient. Term insurance is a fantastic investment to consider if you don't want your partner to be reliant on anyone else after you pass away. Women are also known to live longer than men, so it makes sense to buy term insurance for your spouse.

 

• Make a plan to pay off your debts.

 

When a person purchases term insurance for a certain period but dies during the policy term, his or her family receives the sum assured from the insurance provider, which serves as a financial safety net.

 

• Increased Life Coverage Flexibility

 

Your family's requirements may change over time. Even if you have a sizable savings account for them, it may become insufficient as your family grows. For example, after having children, you may wish to provide them with a good education and send them on to further education. Furthermore, your children will one day have their own family, and your money may be insufficient to provide for your grandkids. You can also expand the life cover of your term insurance policy freely, subject to policy terms and conditions.

 

Wrapping Up

 

When you should purchase term insurance is not determined by your age. It's never too late to obtain one! Get a term insurance plan which can provide you with a comprehensive cover and acts as a shield to provide security for your family.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.