What options available after Term Insurance policy ends

POSTED BY Chaitanya ON May 7, 2011 1:21 pm COMMENTS (6)

Say a young 20-25 year old opts for 30-35 year term plan, by the time he reaches 50-55-60 his term finishes. How should/what plans he can opt for then? I know health insurance would be of more priority, but should one also consider on life insurance aswell again?

6 replies on this article “What options available after Term Insurance policy ends”

  1. What is your current age? if you are 25 now and thinking of what is going to happen after 25 years, then not to worry, you never know what would be the senario then.

    I trust in next 25 years you should have had enough wealth and nobody would be dependent on you.

    Honestly speaking at 60 you need only health insurance.

  2. CJ says:

    Rightly pointed out by Sunil.. You may consider Life Shield.

  3. Sunil Kumar says:

    You can consider buying Aviva Lifeshiled platinum which gives coverage till 70yrs of age.

  4. By the time you reach @age 60, you will finish all your major responsibilities like children’s higher education, their marriage and making corpus for your retired life. Your “financial” value will be zero at that age or one can say no family member will depend upon you financially. So, there is no real need of life insurance at that stage. Just continue your health insurance. You might not get fresh health insurance at that age.

    Hope it will help you.
    InvestmentKit.com

  5. Ramesh says:

    @ Chaitanya

    Why would one want a life insurance @ 50-55-60 whatever?

    Life Insurance is for financially dependents so that they are able to continue to lead the same kind of financial life without difficulties. If there are sufficient funds/assets available near the time of retirement, then there is no need for any more life insurance.

    Life Insurance is not a must if you have sufficient financial reserves. thats all.

  6. Dominic Prakash says:

    At the age of 20-25 you might take a term insurance of (say) 30 lakhs. During the course when status improves/changes (marriage/child/salary increase) then get an additional term cover of 50 lakhs for a term which you are planning to work. During the same time you should pickup a good health insurance too. Hope this helps.

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