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Term Insurance for my father who is 63.
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?
Term Life Insurance
23 Nov, 2020
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