Looking for life insurance as a senior? Consider a term life insurance policy

A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to help you with treatment.

SENIORS between the ages of 60 and 65 can get life insurance coverage through a term life insurance policy, said Othneil Blagrove, senior manager, sales and marketing, JN Life Insurance.

Blagrove pointed out that seniors can purchase insurance products that can provide them with coverage for years after retirement and that if they decide to do so, term life should be one of those considered for seniors. protect against life’s contingencies.

“A term life insurance policy is one that should be considered if you are looking for a policy that can provide your beneficiaries with financial assistance in the event of their death. Term life insurance can provide coverage up to ‘until the policyholder reaches age 75 and can be purchased by people up to age 65,’ he said.

“Term insurance is designed by life insurance companies to provide insurance protection for a set period of time or when larger amounts of coverage are needed and affordability is an issue. Term insurance has also more affordable monthly payments and is the lowest cost for life insurance, compared to others. You can tailor the length of your policy for 10 or 15 year periods to meet your needs.

A unique term life insurance you can consider is the JN Life Jacket as it offers insurance coverage as well as an investment option. Term life policies usually don’t have an investment option, so that’s an added benefit,” he added.

The head of insurance added that another insurance product that should be considered is a critical illness insurance plan. “Critical Illness products provide coverage in the event of a critical illness such as heart attack, stroke, cancer or kidney disease. Depending on their age, these products can be purchased by individuals to cover themselves and other family members or just themselves,” he explained.

“For example, at JN Life Insurance, we have JN Life Aide and JN Life Family Aide, which provide critical illness insurance coverage for anyone who has never been diagnosed with a critical illness and an elderly person, up to age 60. , would be eligible. The plan also covers 13 major illnesses to give you that extra peace of mind,” he added.

Blagrove explained that a critical illness plan is important because treating any serious illness can be very expensive, so seniors need to be prepared for those expenses.

“A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to help you with treatment.

Although enrollment in the plan is open to people between the ages of 18 and 60, coverage extends to people up to age 80. Therefore, he urged everyone to seriously consider purchasing one of these plans before they pass that age,” he said.

“These policies normally last for 20 years and provide a refund benefit if there is no claim at expiration. The JN Life Aide, which is the individual critical illness plan, also has a recurring benefit.

This means that if someone who already has this plan is diagnosed with one or more of the covered illnesses and the claim is paid, the policy can be continued and subsequent claims can be paid if the critical illness reoccurs. “, did he declare. revealed.

Blagrove added that apart from the term life insurance policy, someone over the age of 60 can also benefit from insurance coverage.

“If an elderly person has already passed the age of 60, he can benefit from life insurance schemes open until the age of 76. If, as an elderly person, you cannot afford life insurance, you can ask a member of your immediate family to take out a Family Indemnity Plan (FIP). family member to cover up to five additional close family members for a reasonable flat rate. -he explains. He added that older people should, however, seek expert advice before enrolling in a plan.

“Every senior should sit down with a trained financial and insurance advisor to recommend the best insurance plan for them. This would be at the heart of your retirement plan to ensure you stay covered against all eventualities,” he said. -he declares. “What you don’t want is to retire and worry about finding funds for illness when you should be taking advantage of the funds you had saved to enjoy your golden years.”

BLAGROVE term insurance…is designed by life insurance companies to provide insurance protection within a specified time frame

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