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6 tips for seniors to choose the best life insurance policy

Financial aid during challenging times can provide relief to those affected by such circumstances. A life insurance policy guarantees financial compensation to the policyholder’s beneficiaries in the event of their demise or, in some cases, if they develop a terminal illness. In the case of seniors, this guarantee can reassure them and their family, helping provide financial security and meet unexpected costs. Here are some tips for choosing the best life insurance policies for seniors:

Consider the number of dependents
Each person has different responsibilities in life, so one should begin by considering the number of dependents in one’s family. For example, a bachelor living alone may typically not have many dependents, but someone who is the only earning member in a large family may be financially responsible for many. Accordingly, one can choose an appropriate term insurance plan based on the number of dependents.

Check the income level
It is important to evaluate one’s income level before committing to an insurance policy to ensure that one can pay the premium amount. So, the best bet is to consider one’s aggregate income, based on monthly salary or pension and other income sources, and shortlist insurance plans whose premiums one can afford to pay. Later, one can zero in on a policy among these by comparing their features and benefits.

Opt for riders
Riders are essentially additional coverage benefits over and above what’s covered by the insurance policy. For example, some life insurance policies may have terminal illness riders, which financially compensate beneficiaries even if the insured senior is diagnosed with a terminal illness. Similarly, accidental death riders provide an additional lump-sum to the beneficiaries if the policyholder dies in an accident. So, opting for policies with riders gives additional advantages to beneficiaries.

Verify the insurer’s claim-settlement ratio
The claim-settlement ratio basically specifies how many claims the insurer has successfully paid out of the total number of claims received. This ratio is important because it tells one whether the insurance company is capable of fulfilling its commitments to its clients. One should ask the insurance company for its claim-settlement ratio during the finalization process.

Consider the family’s overall standard of life
A family’s financial requirements may be higher if they have a high standard of living, but those with fewer requirements may need to be compensated only for their basic expenses. So, the family’s lifestyle is an important factor one needs to consider while going for life insurance. The more the lifestyle requirements are, the higher the coverage required would be.

Go through customer reviews and complaints
Reviews can help a lot with understanding the insurance company’s reliability and transparency, so one should make sure to check customer reviews and complaints thoroughly. If there are any complaints, one should find out if these issues persist and what steps the company is taking to overcome them. An analysis of these factors can help shortlist a company that is trustworthy and true to its word.

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