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Endowment Life Insurance for Over 50s
Insurance and savings are not limited to younger people and adults, where most of the elderly people, above the age of 50 years are conscious about securing the family or the spouse, where they resort to endowment life insurance for over 50s. Eventually, a lot of insurance companies offering general life cover designed exclusive life and endowment life insurance for over 50s.
Endowment life insurance for over 50s
Endowment life insurance for over 50s are exclusive designed and offered for the elderly people above the age of 50 years. It is offered as a term insurance cover with maturity or tenure ranging from 5 to 20 years. The insurance cover protects the life of the policy holder against contingencies and pays a lump sum amount either on maturity or death of the policy holder, whichever happened earlier. The elderly individual who buy an Endowment life insurance for over 50s should pay a specific sum of amount as insurance premium at fixed intervals which may be quarterly, half-yearly or annual. Upon regular payment of premium amount, the policy holder is entitled to lump-sum settlement upon maturity or death. If the policy holder wanted to surrender the Endowment life insurance for over 50s before the completion of tenure, he or she can entitled to do so, where the policy holders are paid a lump-sum payment even for surrender of the policy. The surrender value of policy would be determined based on the sum assured, premium payments, number of years completed, etc. Endowment life insurance for over 50s is the one of the ideal choice of savings cum life protection option that dramatically helps the elderly people with respect to financial needs.
Alternatives to Endowment life insurance for over 50s
Being aged people, over 50 individuals can opt for whole life insurance as the best alternate to Endowment life insurance for over 50s. Over 50s whole life insurance covers the entire lifetime of the policy holder and pays the beneficiaries a lump sum amount upon death. The beneficiaries are assured with a specific sum of money upon death of the policy holder, which eventually reduce the financial burden.
Main benefits of Endowment life insurance for over 50s
The major benefit attributed with Endowment life insurance for over 50s, the assured lump-sum payment either on death of policy holder or on maturity of the policy. The family members are benefited through monetary compensation towards loss of their beloved family in the former and the policy holder is directly can enjoy the receipt of maturity amount on maturity of the Endowment life insurance for over 50s.
Major drawback of Endowment life insurance for over 50s
In spite of assured sum paid Endowment life insurance for over 50s, the insurance cover is quite expensive, which is not afforded by every senior citizen. Even though the insurance companies offering Endowment life insurance for over 50s charges a lesser amount towards premium when compared to normal endowment cover, it is still expensive, which make only insurance cover available only for affluent people.
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