After 60, cover your health, not your life Livemint
We regularly get mails from perturbed readers asking a way out of an insurance policy they have but don’t really need—they are obvious victims of mis-selling. The sheer number of mis-selling cases is disturbing, but what is more disturbing is that even senior citizens figure in the list.
The gullible 60 year-plus customer is an easy prey. The spiels run along the same old themes: saving tax, ensuring financial security and leaving behind a legacy for the heirs. But is a life insurance policy the best way to achieve any of the above targets? And to take the argument forward, do senior citizens need insurance at all? While the answer to the first question is no, senior citizens do need insurance—not for their lives, but for their health and assets.
What they don’t need
Life cover: The purpose of taking a life cover is to ensure that your family or financial dependants are not left in the lurch after your death. It is for this reason that we nudge you to evaluate your insurance needs at important milestones such as when you get married or take a home loan.
