It won’t be wise to sidetrack life insurance prospects even if you think you are too old to get one! Look at life from the vantage point of 50. All those years and the salt and pepper shin on your hair make you a mature individual. Age shouldn’t come in the way of education, job and for anything you love to do. Even governments are keen on ensuring assured insurance coverage for elderly people. With the growing popularity of over 50 life insurance markets start to float lucrative premiums and reasonable packages for senior citizens. Aged people were exploited to buy unreasonable insurances as permanent life policies, so far. A hike in the mortality rates has sorted things out. It’s no big deal choosing an over 50 life insurance policy as a way of future investment.
It Pays to Choose an Over 50 Life Insurance Cover: -
01) Elderly people can opt for a brand-new over 50 life insurance plan, even if they had term insurance at some point in their lives that got lapsed after a few decades. Even for the retrenched employees or the ones who have just taken their voluntary retirements can go for an over 50 life insurance deal.
02) Surprising enough, grown-up children are tempted to buy over 50 life insurance covers for their parents. They find them satisfactory investment schemes ensuring future resources when they will be left on their own.
03) Death is no doubt an overwhelming consideration once you start thinking of your mortality and the well-being of your family and dependants. The threshold of fifty is crucial for that reason. How would your family meet the outrageous and ever-escalating funeral costs when you won’t be around! If they are financially secured the costs won’t weigh down on them in your absence. The funeral expenditures will be covered by over 50 life insurance proceeds. More so, your friends and family can settle the outstanding mortgages and loans with the insurance payout.
04) Another good reason for buying over 50 life insurance can be its easy payout to the beneficiaries. Most of the insurance payouts are exempted from tax and that’s a really great opportunity for you to leave resources for your beneficiaries. They can use the reimbursed policy amounts for their own use or to settle debts.
05) Soaring numbers of over 50 life insurance policy seekers make one thing clear – there are pressing financial needs for the elder persons. Unstable, recession-hit economy, recurrent lay-offs have changed the equation for many households. Families with older citizens can no more depend on their children financially as the latter are less likely to support them.
There are more factors to pile up in your over 50 life insurance portfolio, if you wish to make the right move. Women policy seekers are less likely to pay lump sum premiums as they have better life expectancies. Consult your brokers to know the premium rules regarding smoking and other hazardous habits.
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