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How to Choose Term Insurance in your 50s?

It’s never too late to start securing your family’s future. You may have been busy fulfilling other financial obligations when you were younger, but the 50s are as good a time as any to buy a term insurance plan and ensure that your dependents will never want for anything, even after you are gone.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

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Term Insurance

Why having a term insurance in your 50s is the best bet

Term Insurance Plan in 50s
March 04, 2024

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While term life insurance plan has been around for a long time, people are now becoming more aware about ensuring financial security for their families in their absence. What this essentially means is that you will go above and beyond to protect them when you are around, but what if they lose you in the wake of an untimely death? In such cases, your policy extends a death benefit to your dependents so that they don’t have to suffer financially, when you are gone.

It’s a good idea to sign up for a policy early on, in your 20s or 30s. But as they say, it’s never too late. The death benefit is paid to the nominee either in the form of a lump sum amount or installments based on their preference.

Reasons to buy term insurance in your 50s

There are several reasons why buying term insurance in your 50s is a good plan:

  • Helps fulfil your family’s dreams: As the breadwinner of the family, you are also in charge of planning and preparing for their goals. It could be anything from their education to their marriage, and everything in between. You would not want them to be in a lurch when you aren’t around. That’s why signing up for a term insurance plan is a good idea.
  • Protection from debts: You may have taken certain loans or may have credit card bills to pay to build the life of your dreams. In your absence, it can be hard for your family to fulfil these financial commitments. When you sign up for a term insurance plan, you know that these will be covered through the death benefit even if you aren’t physically present.
  • Retirement plan: Most term insurance plans do not have a survival benefit but in case there’s any such policy, you can go for it and build a corpus for your life post-retirement. This move will help you gain financial security in the absence of regular income sources.
  • Income tax benefit: Apart from financial protection, buying a term insurance plan can help you save tax under Section 80C of the Income Tax Act*.
  • Provision of riders: Insurance providers also offer an option to add riders for an added layer of security, including disability, critical illness, or accident cover.

Why is term insurance necessary in your 50s

If you are in your 50s, it is important to have a term insurance policy that protects your family members if they are dependent on you. No one wants their loved ones to suffer financially and compromise on their lifestyle in case of untoward circumstances. While ups and downs aren’t in your control, you can always take conscious steps to be there for your family even when you aren’t physically present.

At the same time, you can also save tax by claiming the premium amount as deduction under deductions under 80C of the Income Tax Act*.

Things to consider before buying term insurance in your 50s

  • It’s never too late to buy a term insurance plan, so don’t hold yourself back
  • If you are in good health, you can get a higher coverage at affordable premiums. This rule is applicable even if you are in your 50s.
  • Calculate your debts and ensure that these liabilities will be covered, in case you die
  • Pick your riders based on what your actual needs
  • Check the claim settlement ratio of your insurance provider
  • You can use term insurance as a retirement plan, if your insurance provider offers a survival benefit

FAQs

1. Should I get term insurance in my 50s?

The earlier you sign up for a term insurance plan, the greater the financial protection for your family members.

2. Does buying a term insurance plan help save tax?

You can save tax by claiming the premium amount as deduction under Section 80C of the Income Tax Act*.

3. Can you buy riders with a term insurance plan in your 50s?

Yes. You can opt for a critical illness rider, accident cover, or riders that offer a waiver of premium for disability. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimers

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

^ Available under Life & Life Plus plan options

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

ARN - ED/05/23/2250