Life insurance is crucial to provide financial protection to your family members in case of your demise. Adequate coverage ensures they do not face any hardship if you are no longer around to support them.
If you are looking to acquire insurance in your 50s, an important consideration is to find an insurer that offers coverage at lower costs. Taking some factors into account will help you find the best plan from the several that are available in the market.
Price
The most important factor that affects the cost of availing life insurance is your age. Unfortunately, the cost significantly increases once you hit your 50s. Fortunately, if your health condition is good, you will still be able to avail a policy with a higher sum assured. It is advisable that you do not wait to buy insurance because, for every one year added to your age in your 50s, the increase in the premium is significant.
Age
Life expectancy has increased due to several reasons; however, one still needs to be realistic. So, as an applicant over 50 years, you need to be concerned about certain health conditions, such as high blood pressure, elevated sugar levels, or high cholesterol. It can help to have a financial advisor who is able to determine the best insurance company to ensure the success of your application.
Knowledge
Many people fail to understand the importance of insurance coverage until they reach their 50s. By this time in life, most individuals start to realise the huge strain on finances and possible debt acquired over the years as a result of funding their children’s education, medical expenses, and so on. People also become more aware of their age and the effects of aging. This will make you think about future medical expenses and the need to be able to provide security to your family members when you were no longer around. Getting knowledge about your requirements and searching for the best plan that suits these needs will help greatly.
Choice
Today, people in their 50s have a wide choice when it comes to availing a life insurance plan. While choosing the insurer, you need to consider factors like coverage needed, pre-existing conditions, kind of insurance coverage, risky hobbies or hazardous work conditions, and prescription medications. This will help you arrive at the right choice, by eliminating policies that do not match your requirements.
Death Benefit
Several insurance companies provide accelerated death benefits to policyholders. This means that if you are diagnosed with a terminal illness, you can avail a pre-determined portion of the death benefit earlier for treatment.
Having life insurance coverage provides you the chance to ensure the stability of your family in case of your demise. This can be invaluable at a time when they are trying to cope with the loss.
About HDFC Life
HDFC Life, one of India’s leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions. HDFC Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health.
