Why Life Insurance Is a Must for Your Parents?

Jun 29, 2018 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team

Parents are the best epitome of selflessness and love. Throughout their lives, they have made innumerable sacrifices to ensure a prosperous future for you. It’s time that you reward them for their sacrifices.

 There are always events that can destabilize plans for a secure future. We are talking about an unfortunate event like the death of a family member. Such circumstances never come with a warning. The death of a family member is a setback and one must carry on living no matter the situation.

Life insurance plan is a tool that helps families fulfil their dreams, despite challenging circumstances. A life insurance for parents helps the entire family to overcome grim situations and secure their financial future.

Life insurance companies provide several types of covers that can be customized, according to your needs. For instance,  life insurance for women is available for women who want to secure the future of their families. There are many advantages of a life cover and these advantages help your parents plan their financial future accordingly.

We discuss the benefits of a life insurance for parents and how it can protect your family from potential risks.

1. Health cover for medical issues

With old age comes health issues. It is a law of nature that as a person grows old, there will be health concerns one needs to address.

A health cover has tremendous benefits. It takes care of expenditures on regular health check-ups, medical procedures, hospitalizations and associated expenses. You shouldn’t compromise on your parent’s health and make sure that they receive the best of medical attention. Hence, a health insurance for your ageing parents is a prudent choice. You can also make them a part of a group health plan offered by your employer.

2. Financial support in case of an unfortunate event

Since life is full of uncertainties, the least you can do is prepare for them, well in advance. The loss of a family member often brings hardships for the entire family. It not only affects everyone emotionally but also affects the family’s financial situation. The setback is even greater for women, who must face the challenges of old age alone and an uncertain future.

To ensure that such an event doesn’t hamper their financial condition, you should buy a term insurance for your parents. The amount you receive as compensation will help with expenses incurred on medical treatment. A life insurance for parents also helps in taking care of finances and provides a secure ground for future challenges. This way, you can guarantee a secure future for the surviving parent and a dignified life during their old age.

Similarly, if any of your parents have taken debt or in the process of loan repayment, this obligation needs to be fulfilled. With a life insurance, the surviving parent can overcome the difficulties of debt payment. The lump sum compensation not only helps with loan repayment but also with daily household expenses.

3. Don’t compromise on your living standards

With changes come new challenges. With the loss of a breadwinner, families often have to compromise with their living standards. Financial instability forces families to reconsider their expenses. There is a way to overcome such challenges. A life cover can ensure that the surviving parent does not face hardships in the absence of a spouse.

 You can choose from Aegon Life’s term plans such as iTerm, or iTerm Plus to offer your parents financial protection. The iTerm plan offers a financial blanket to insurer’s family at affordable premiums, with a cover up to Rs. 1 crore. Whereas, iTerm Plus offers a cover on more 36 types of critical illnesses with different levels of protection.

Life insurance policy provides the necessary compensation to help families recover from a financial upheaval. Why should your family settle for anything less than what they deserve?

Advt. no.: IA/Jun 2018/4137


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