Should Seniors Get Life Insurance: 4 Things to Remember

Advances in medicine and increased life expectancy have diluted the importance of life insurance, according to a leading South African surgeon. Dr. Marius Barnard asserted that these days critical illness insurance is a wiser investment due to its practical benefits.

When insurance was introduced for public in India, many people felt that it was not useful. But as the popularity of insurance increased, the importance of insurance also increased. People slowly started realizing the benefits of insurance and how it operates. Today, many people want to buy insurance ranging from the simplest of forms to the most variant form.

The chief economist for Swiss Re Asia in Hong Kong, Clarence Wong has stated that the Niigata earthquake, which hit central Japan last July, resulted in a cost of $3 billion, 10% of which being the insured losses.

Group insurance is also written to include an employee’s dependents. Dependency is defined by the relationship to the insured and the dependency of the insured. Typically, this includes the spouse, children, dependent parents, and anyone else whom dependency can be proven. A child is dependent usually up to age 18 or 21 (full-time student), or longer if they are dependent due to permanent disability (mentally or physically).

Term life provides protection for a specified duration of time. Insurance coverage could be purchased for intervals starting from one year to as many as 30 years. You will find a number of benefits that term life has over a whole life policy. There are two major downsides with a whole life policy, the first is the length and the second is the investment part. There is really no need to have life insurance coverage for your whole life, seeing that insurance is to safeguard your dependent children in the event you die before they mature. As soon as your kids are grown there isn't a requirement to proceed to pay insurance coverage premiums. The issue with the investment portions is that it simply is not a superb investment, you'll get much better returns investing your cash on your own. When shopping for insurance coverage you'll find that a whole life quote shall be much more expensive than a term life quote.

With Whole Life insurance, it is designed to provide coverage for your ‘whole life,’ hence the term. These policies have a fixed premium payment for the life of the policy. In addition, the cash value earns interest. If you want guarantees, these are excellent policies.