SENIORS between the ages of 60 and 65 years can benefit from life insurance coverage through a term life policy said Othneil Blagrove, senior manager, sales and marketing, JN Life Insurance.
Blagrove pointed out that seniors can purchase insurance products that can provide them with coverage in years after retirement and that, if they decide to, a term life should be one of those considered to protect them against life's eventualities.
"A term life insurance policy is one that should be considered if you are in the market for a policy that can provide your beneficiaries with some financial assistance in the event of your passing. Term life insurance can provide coverage up until the policyholder turns 75 and can be purchased by individuals up to age 65," he said.
"Term insurance is designed by life insurance companies to provide insurance protection within a set period or where larger coverage amounts are needed and affordability is an issue. Term insurance also has more affordable monthly payments and is the lowest cost for life insurance, compared to other types of life insurance. You can tailor the duration of your policy for 10 or 15-year periods to cover your needs.
A unique term life insurance that you may consider is the JN Life Vest because it provides insurance coverage plus an investment option. Term life insurance policies typically do not have an investment option, so this is an added benefit," he added.
The insurance executive added that another insurance product that should be considered is a critical illness plan. "Critical illness products provide coverage in the event of a major illness such as a heart attack, stroke, cancer or a kidney ailments. Depending on their age, these products can be purchased by individuals to cover themselves and other family members or just themselves," he explained.
"For example, at JN Life Insurance, we have the JN Life Aide and JN Life Family Aide, which offer critical illness insurance coverage for anyone who has never been diagnosed with a critical illness, and a senior, up to the age of 60 years, would be eligible. The plan also covers 13 major illnesses to give you that added peace of mind," he added.
Blagrove explained that a critical illness plan is important because treating any critical illness could be very costly, thus seniors need to be prepared to meet these expenses.
"A critical illness insurance plan will ensure that if you are diagnosed with a covered illness, funds are available to assist with the treatment.
Although enrollment into the plan is open to persons 18-60 years of age, the coverage extends to persons up to age 80. Therefore, he urged everyone to seriously consider purchasing one of these plans before passing this age," he stated.
"These policies normally last for 20 years and have a refund benefit if there is no claim upon expiry. The JN Life Aide, which is the individual critical illness plan, also has a recurrent benefit.
This means that if someone who already has this plan is diagnosed with one or more of a covered illness and the claim is paid, the policy may be continued, and subsequent claims may be paid in case of a reoccurrence of the critical illness," he revealed.
Blagrove added that apart from the term life policy, someone who is older than 60 years can also still benefit from insurance coverage.
"If a senior is already past the age of 60, they may benefit from life insurance plans which can be opened up to age 76. If, as a senior, you cannot afford life insurance, you may ask one of your close family members to take out a Family Indemnity Plan (FIP). This plan enables a family member to cover up to five additional close members of their family for one reasonably priced flat fee. The FIP is a whole life insurance plan which provides coverage in the event of death to take care of final expenses," he explained. He added that seniors should, however, seek advice from an expert before purchasing a plan.
"Every senior should sit with a financial and insurance advisor who is trained to recommend the best insurance plan for them. This would be central to your retirement plan to ensure that you remain covered for all eventualities," he stated. "What you don't want is to retire and be concerned about finding funds in the event of illness when you should be enjoying the funds that you had saved to enjoy during your golden years."