Should you buy term insurance plan in your fifties? for enjoy lifestyle better in feauture - Ev Vehicals

Should you buy term insurance plan in your fifties? for enjoy lifestyle better in feauture

Term insurance I am 55 years old and have accumulated Rs 80 lakh in PPF, Rs 50 lakh in mutual funds and own two houses. My annual income is Rs 20 lakh. Do I need to buy term insurance at this age?
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Term insurance is needed to bridge the gap between one’s wealth-after subtracting liabilities-and financial goals, in case one passes away before the goals are met. With age, this gap usually reduces, and so the need for term insurance also becomes less.

While it does appear that you have enough resources for your family to fall back on in the unfortunate event of your demise, as you have not mentioned your liabilities and financial goals, it is advisable that you discuss all the details with a financial adviser before taking a decision.

My father is 58 years old and has recently retired. I want to buy a critical illness insurance cover for him. Given the spurt in cancer cases, should I buy a dedicated cancer policy or a policy that covers other critical illnesses as well? Please suggest plans.

Yashish Dahiya Co-Founder and CEO, Policybazaar.com replies: Standalone cancer covers are cheaper and their benefits kick in from the first stage of cancer.
However, it is advisable that you buy a critical illness policy for your father as it covers a wide range of illnesses, including cancer.
You may consider Edelweiss Tokio Life Criticare+ that covers 17 critical illness for 12 years and comes at a premium of Rs 18,000. Future Generali Life Critical Illness plan covers 59 critical illness for 17 years, but the premium will be almost double at Rs 37,000.
Both these policies offer a one-time benefit of Rs 10 lakh in case the insured contracts any of the illnesses the respective plans cover. Standalone cancer policies with sum assured of Rs 10 lakh will cost around Rs 10,400 for a 17-year tenure and around Rs 24,000 for a 22-year tenure.

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