INSURANCE USERS' COMMUNITY FORUM

Get answers from experts | Share your experiences.


Term Insurance for my father who is 63.

reply Share
22 Nov, 2020 by Kevin Shah

Hi! I was planning to take Term Insurance for my father. His age is 63. I have no issues in paying high premiums. wanted your opinion. Is it advisable to buy at his age?

like like
0
Term Life Insurance

1 Answer

Post
23 Nov, 2020
Team Beshak

Hello Kevin,


The question you should ask is whether your father has any dependents who are financially dependent on him? If yes, will the current financial assets take care of these dependents, in case he is not around? If yes, then he does not need term insurance cover. In case the answer is yes, you need to calculate the cover based on the following article: https://www.beshak.org/insurance/term-life-insurance/articles/the-most-effective-way-to-calculate-term-insurance-cover and go for a cover. Of course, like you guessed the premium could be high - also the insurer may carry out strict financial (to ascertain whether a cover is needed) and medical assessment (to ascertain that your father is medically fit) before they give the cover.


This is also answered here: https://www.beshak.org/forum/post/health-vs-term-insurance-for-parents

like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!