They spent their entire lives looking after us and catering to our every need. Even today, despite their painful knees and stiff backs, they rush to help us when they sense that we need their assistance. Our wonderful parents are truly God’s reincarnation on Earth. From the moment we are born to the time they breathe their last, our welfare is the only goal of their lives.
And so, it is fitting that we repay their millions of kindnesses and their umpteen sacrifices with a special gift. This gift is one that will strengthen your bond with your parents and show them how much they mean to you. On the occasion of the International Day for Elderly People, gift your parents with a life insurance policy.
* Why buy life insurance for your parents?
Life insurance removes all financial uncertainty out of your parents’ future. Unable to generate a regular income after the age of 60 years, most senior citizens are fearful about disturbing their savings unless necessary. They worry about falling ill and not having enough money for hospitalisation. Their biggest concern, however, is: What will happen to my partner after I am gone? Will (s)he be able to survive without adequate savings?
* How life insurance helps
Getting life insurance plans for your parents removes this fear forever. Include your parents in the ambit of insurance to ensure their wellbeing even when you are not present. Besides, we can never fully repay our parents for all that they do for us. Taking life insurance for them can be a start.
* Most parents do not have life insurance!
If your parents are over 65 years of age, they may not be able to buy life insurance for themselves. For most of our parents, life insurance is a fairly new concept that they did not give much thought to when they were young. Instead, they believed in creating a large savings corpus for the family. Also there were not so many life insurance plans available back then as there are now. Even if our parents took insurance, they often took insufficient coverage or had individual plans for each of the family members.
* How to take life insurance for parents
You can gift your parents with life insurance in two ways: 1. If your parents are under 55 years of age, buy them a life insurance policy in their name. 2. If your parents are over 55 years of age, you can include them in your family life insurance cover.
If you buy your parents life insurance cover in their name, keep a check on the premium payment dates. Be diligent with the payments and ensure that the policy allows an enhancement of cover if required. The policy should ideally allow a maturity age of over 70 years, considering increasing life spans among senior citizens. Look for an easy claims process and a good claim settlement record when selecting an insurance provider.