During this time, life insurance is more directed to those who are still productive. It is not only to ensure the success of the program because the policyholder is at a productive age and they can pay the policy for a long time. But what about the elderly or for those who have retired?
When you are 30 years old, you will probably understand financial planning. You may not need life insurance by the time you reach 60. Why? It’s because you will plan your finances well and invest as optimally as possible so that when you reach old age, your asset will be enough and you do not need it anymore.
I have retired, do I still need life insurance?
When you have reached the age of the elderly, do you still need life insurance? This question often arises. If you are currently 50 or 60 years old, what is your answer? A lot of answers may come up, it all depends on your current condition. Here are some answers to this question:
1. If you had invested well when you were young, you most likely have many assets, all your children are independent, and you no longer have debt, then you do not need life insurance. What you need is just health insurance, or a sum of money to pay for your medical expenses. But if you do not invest since you were young, or now you still have the burden, then you still need life insurance.
2. When your children are already independent, but their lives are still not established, this seems like it took very long for them to raise cash to pay the mortgage. As a parent, you are eager to help your children, but your wealth is not enough. One way that you can take is to take life insurance, exactly life insurance that can apply for a lifetime. In general, for parents over 50 years of age, the insurance premium is cheaper. In this way, even though you currently see that your children are still in financial trouble, you can make sure that your children will have a home when you die.
3. Once you have enough assets and you no longer have expenses, you may take life insurance, or you retain the life insurance you already have. Then for what the sum insured? You may think for alms. Have you ever donated a significant amount of money to an orphanage? Or give it to an educational institution?
4. As a parent and actually, you still need life insurance, while you still have children and installments, then this is a problem. Life insurance is not an easy thing for you to buy. Only certain people can have life insurance, i.e., they are healthy. If an elderly is not physically fit anymore, even if you have money, then you will not be able to buy life insurance.
Life insurance options after retirement
Life insurance is not just for productive age and pays policy for a long time. Life insurance with a variety of options is also available for those of you who are elderly. It has been going on for a long time, the insurance companies care about and pay attention to the fate of the old. However, some people are not careful to protect themselves. Below are some of the best types of insurance after retired:
Term life insurance
People have known insurance for a long time, but in general, they use this protection since they were young. Term life insurance is perfect for those of you who have a mortgage or school fees. Even so, many elderly choose this type of insurance product with different needs.
Guaranteed life insurance
You may have heard of life insurance coverage for the elderly. You may be wondering if this is true. The answer is correct, a life insurance policy that is guaranteed not to care about the health condition or age of the customer. This type of insurance product is the best choice for those who have fewer health problems or the elderly.
Whole life insurance
The lifetime insurance of its customers, this insurance is designed to restore the financial situation after the customer dies. When you choose this type of insurance, you will spend a considerable amount of money each month, but the coverage is extensive, so balanced. Learn the advantage and disadvantage of choosing life insurance for life.
Funeral insurance also provides several needs that can adjust the state of the customer. Many of the funeral insurance products do not require a waiting period, even just days after the legal policy is purchased. The family can receive the sum assured immediately after the customer dies. Even so, the sum insured from the funeral insurance is lower than other insurance products.
In choosing life insurance, you need a lot of consideration. After a person dies, life insurance can help ease the family burden. Despite the death, but in fact, this requires a considerable cost if you do not prepare it, of course, your family is trying to do it. Your family sincerely for the loss of their loved ones, but at least it slightly affects their financial condition.