Can Senior Citizens Qualify for a Term Insurance Online?

Term plan is a key tool when you are looking to make your family?s finances secure even after your death. It plays an important role when you want to ensure financial freedom of your family in the event of your premature death. It?s wise to buy the policy in the early stage of your life, so you can obtain higher coverage at low premiums.
As you grow old, it becomes expensive for you to buy a term plan for your family?s future. Many older people often find tough to book a new term plan, however, with the advent of sales of insurance policies online, insurers have started offering best term insurance plans for senior citizens.
Seniors now have the option to get Senior citizen life insurance quotes to seek a term plan for themselves. Term plan, in general, provides financial coverage to your family in the event of your death. When it comes to choosing the best online term insurance plan for senior citizens, it is wise to do the thorough research and get quotes from different insurers and then choose the best and appropriate plan in terms of coverage and affordability.
Need to buy Term Plan for Senior Citizens
Term insurance plans are widely being preferred among seniors due to the following reasons:

• When you are 60 years or above, the foremost aspect is to secure financial freedom for your spouse.
• If you are close to the senior citizen mark, say when you are above 55, and never buy a life insurance policy in your lifetime, now it?s time to go for it.
• Senior citizens usually don?t want to burden their family members with expenses associated with their funeral. In the event of death, the term plan payout will also help cover these costs as well.
• You can provide your children with a substantial amount of money as a legacy.
• With the help of term plan, you nominee is entitled to receive a lump sum amount that can be used to pay off debts.

Key aspects to be known before buying Term Life Insurance for Senior Citizens
It?s important to consider some key aspects before buying the Term Life Insurance for Senior Citizens

• If the insured dies during the first 2 years of buying the policy, the nominee/dependents are usually entitled to receive more than 100% of the sum insured based on the policy conditions. If the policyholder dies after 2 years of the commencement of the policy, the nominee will receive the sum insured, if all the policy premiums are paid fully. The payout may vary from insurer to insurer.
• Different insurers have different age brackets when they issue a term insurance policy for senior citizens. For example, some insurers offer term Plans for people aged 50 years and above, aged between 60-80 years and up to 80 years.
• Premiums depend upon the sum insured and the policy tenure for the senior citizen policyholders who want to opt for.
• Smokers and non-smokers have obviously the different premium brackets. Some insurance companies also consider the wellness record before issuing the policy.

The term insurance for senior citizens comes at a higher premium payment due to the age factor and the risk involved. These policies have marginally higher premiums and are costly as compared to the regular term life insurance plans. It becomes imperative to check the policy conditions thoroughly and compare all the available policy options before opting. Usually, the best way is to know about all the available options, and then rate them in the context of minimal cost and maximum benefit. This way the policy comes at an affordable price for the senior citizens who are looking for a Term plan.
At last, it?s always better to buy a term policy as early as possible to secure the financial freedom of your family. It?s vital to understand and know the key aspects before buying the plan to assess whether you really need it or not. Buy online term insurance in India for senior citizens to fulfill the financial needs of your family.