Here Are 5 Reasons Why You Should Buy Term Insurance Even At 50

Sep 03, 2019 | 2 months ago | Read Time: 3 minutes | By iKnowledge Team

When you gradually approach your 50s it might be little too late to go back to college or switch your career. Those days might be long behind you. Having said that, it definitely not too late for you to buy term insurance. Here is why-

  1. Protect Your Children and Grandchildren

No matter how old you grow, your children’s financial security will always be your priority. Based on a recent study, the trend of late marriages has resulted in children struggling to settle down while their parents have stepped into their golden years. For this reason, your savings might not suffice to take care of your children. Even if your child has grown up to be successful career-wise, you will always want to provide them a financial support in as many ways possible. This very reason is why you need to buy term insurance to secure your child’s life even after you are not around.

  • Replaces Your Income

While you have thoroughly planned and saved enough for your retirement way ahead in life, what happens if you are compelled to stop working due to an unforeseen contingency?

Let’s take the example of Mr Mehta. He heartfully provided his services till the age of 45 years. At the age of 45 he met with a minor accident due to which he stopped working for a long time. Had Mr Mehta not taken a term life insurance with its beneficial riders there would be no substitute to his income which would put him and his family in a difficult situation. Term Insurance acts as a financial coverage in case the insured individual is met with a dire contingency which brings a stop to his monthly income.

  • You Want Your Partner to Be Self-sufficient

You might have saved a certain amount for your post retirement financial maintenance, but this corpus might not be sufficient. If you don’t want your partner to be dependent on anyone else after your demise, term insurance is a great investment to consider. Also, based on life expectancy research, women are known to live longer than men because of which it makes sense to get a term insurance for your spouse.

  • Pay Off Outstanding Debts

Kumar had taken a few loans from the bank to meet his personal agendas. He was a businessman and his profession led him to take liabilities from family and friends during distressing situations. Kumar bought a term insurance cover and passed away before the term insurance policy expired. When individual buys a term insurance for a specific period but passes away before the maturity period, his/her family gets the sum assured from the insurance company, which acts as a financial cover. This is another reason it’s never too late to buy a term insurance.

After this, his son got a lump sum from the insurance policy with which he could clear his father’s bank and personal loans. If it hadn’t been for term insurance, his son would find it extremely difficult to clear off all liabilities.

  • Flexibility of Increasing Life Cover

With passing time your family’s needs might grow. Though you might have ample savings for them, it can fall insufficient as your family expands. For example, after having children you want to educate them well and send them for higher studies. Further, your children will have a family of their own one day and maybe your savings can fall short for your grandchildren. When you have a term insurance, you can flexibly increase the life cover of your policy too.  

Age does not define when you should get a term insurance. It is never late to get one in fact! Get insurance from Aegon Life offer plans, where you have cover from accidental death to critical illness. With this you can safely plan a comfortable life with your family and know that they are secure with you and after you.

To know about Aegon Life’s life insurance products like term insurance plans and other products, visit our home page.


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