What they don't need
Life cover: In order to make life cover is to make sure that your family or dependents in financial trouble not after death. But in general, that the time to retire, the loans are paid off, or are about to leave, and the children are alone. And 'only in rare cases, financial liabilities will continue even after retirement.

Also purchase their own life becomes hard when you cross 60. Not only do you have to undergo stringent medical underwriting, is the period when you are covered generally limited to 65-70 years.

Whole Life plans: a plan for the entire life usually ensures you for life, where you pay premiums throughout your life and your nominees get the sum insured and any additional bonus after your death. But some plans have a limited premium paying term.

But numbers tell a different story: Usually a lifetime for most plans invest in debt products corpus. Costs, which are not mentioned explicitly in traditional politics, Dent becomes another. For example, for a sum assured of Rs 10 lakh a year of 60 is paid an annual premium of Rs 79 590 to 100 years. At death, the sum assured, plus bonuses earned will be sent to the recipient.
Assuming that the death at the age of 70 years, the beneficiary would get at least Rs 10 lakh, which is a guaranteed sum assured, or the return of 4%. However, assuming that the fund grows by 6% Total amount of RS 13 lakh death benefit, or 8% return. However, 80 will return drops dramatically. Assuming that the bonuses generated by 6%, the death benefit would be Rs 19 lakh or returns, only 2%.

Building a legacy: You could look at other investment vehicles such as the PPF or 80C fixed deposits.

What they actually need
Health insurance: Insurance companies can not refuse health insurance to individuals up to 65 years, but the policy becomes more difficult when the purchases as they grow older. Few policies will cover you after 65 years of age, but the insurance is limited to Rs 3-4 lakh with the insurance company trying to limit the risks.

What to buy: Look for a policy that is renewable for life, are generally provided by independent health insurers. You can also see a critical illness policy to raise the cover.

Click here to apply Star Health Insurance

Insurance funds: If you own a house, the guest has a policy for you. When you insure the car, take the total responsibility.

Source: [HT]