As you all know that insurance is necessary for all age of people. Mostly people retire between the age of 55 to 60.
Pensioners insurance scheme
So, it’s common for them to think about their livelihood after retirement because the continue flow of their income will stop suddenly.
As you enter at the age of 50, you start to think about the source of money after your retirement and plan for your monthly income.
The main thing which comes into your mind is what will happen to your spouse after you, if you are the only person on which they totally depend for their financial need. So it’s better to secure the future of your family by taking suitable life insurance over 45 to 84 policy without a delay. And enjoy your golden years with your spouse without any tension after the retirement.
Advantages of insurance for pensioners-
There are various benefits of insurance like your spouse will get the tax free death benefit. Life insurance death benefit can be transferred to your family members mainly to your children or charity if you had any.
Usually pensioners insurance helps to reduce the big amount of medical expense of pensioners and their spouse. Obviously pensioner’s age bound them to think about the future diseases or illness they are going to deal with and their payments. In this way life insurance save them from hospitalization charge and cost of their medical bills, which is main source of worry for them.
You also don’t have to take the tension for your funeral cost, it will also be covered. Some cash value policies will help you to handle the unexpected expense. It is helpful to pay your estate tax, so that your family members would not have to sell the asset at inappropriate time after your death.
Things to be consider to buy insurance for pensioners-
Some of the points that you should consider while buying life insurance are-
- Monthly amount you would receive
- Amount to your spouse after your death
- How much medical allowance is covered?
- What would happen to your money if you both die at same time?
- Can you able to use that money in any emergency case or for any other purpose?
Evaluation of insurance schemes-
It can be crucial decision because you may be confused that from where to buy pensioners insurance and which scheme is most suitable for you. To make your decision easy you will have to evaluate the different products and policies because there is large number of insurance companies.
- Compare the premiums of different policies and opt the one according to your budget and requirement.
- Examine the surrender charges and deduction, if you need amount before maturity of the policy. Then go for the policy having low surrender charge because you may need amount at any period of time.
- Do the performance analysis of different schemes.
- Check the tax benefits of different pension schemes.
- Go for the policies providing maximum death cover. You should also consider the maximum medical benefit providing scheme.