Term insurance for seniors: Is it too late to get coverage?
Term insurance is one of the most popular insurance options that people opt for to secure their family’s financial future. But is it too late for seniors to get coverage? In this blog, we’ll explore the benefits of term insurance policies and introduce you to the Canara HSBC Life Insurance iSelect Smart360 Term Plan, which is designed to cater to the specific needs of seniors.
Term insurance policies are essentially a contract between the insurer and the insured, where the insurer agrees to pay the beneficiary a sum of money in case of the insured’s death during the policy term. Term insurance policies offer several benefits, such as affordability, flexibility, and high coverage. However, many people believe that term insurance policies are not suitable for seniors, but this couldn’t be further from the truth.
Term insurance policies are ideal for seniors who are looking for coverage at an affordable price. They provide coverage for a specific period, which can range from one to thirty years, depending on the policy. During this time, the policyholder pays a fixed premium to the insurer, and in the event of their death, the beneficiary receives the sum assured. However, seniors need to choose a term that covers them until their retirement age or beyond.
The Canara HSBC Life Insurance iSelect Smart360 Term Plan is one such policy that provides comprehensive coverage to seniors. Let’s take a closer look at some of the benefits of this policy.
Steady Income Benefit on Attaining 60 Years of Age
The plan offers a Steady Income Benefit, which provides a fixed monthly income to the insured from the age of 60 years. This feature can be especially useful for seniors who have retired and need a steady income stream to support their lifestyle.
Critical Illness Benefit for the Insured
The term plan provides a critical illness benefit to the insured, which means that in case of diagnosis of any of the 40 critical illnesses listed in the policy, a lump sum payout is made. This payout can be used to cover the medical expenses and treatment costs, ensuring that the policyholder can focus on their recovery.
Life Cover till 99 Years of Age
The iSelect Smart360 Term Plan provides coverage until the age of 99 years, which is a great advantage for seniors who want to ensure that their loved ones are financially secure, even in their absence. This coverage can be especially important for seniors who have dependents or those who have outstanding debts or mortgages.
Option to Get Return of Total Premiums
The iSelect Smart360 Term Plan offers the option to get a return of the total premiums paid if the policyholder outlives the policy term. This means that if the policyholder does not pass away during the policy term, they can receive all the premiums paid.
Option to Block the Premium
The term plan provides the option to block the premium at inception, which means that the policyholder does not have to worry about any increase in premiums for the remaining policy term. This feature can be especially useful for seniors who may face financial constraints during their retirement years.
Additional Lump Sum Payment
The iSelect Smart360 Term Plan provides an additional lump sum payment in case of critical illness, accidental total, and permanent disability, or accidental death if opted. This additional payout can provide financial security to the policyholder and their family during a difficult time.
Steady Income Benefit on Attaining 60 Years of Age
The plan also offers a Steady Income Benefit, which provides a fixed monthly income to the insured from the age of 60 years. This feature can be especially useful for seniors who have retired and need a steady income stream to support their lifestyle.
Conclusion
In conclusion, it’s never too late for seniors to opt for term insurance policies. The Canara HSBC Life Insurance iSelect Smart360 Term Plan provides comprehensive coverage, including a critical illness benefit, life cover until 99 years of age, an option to get a return of total premiums, and a steady income benefit on attaining 60 years of age. If you’re a senior looking for a reliable and affordable term plan, this is the perfect one for you.
Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.
