Outlook Money
At the age of 60, one should review the insurance coverage and check whether the policies are valid.
Post-retirement, the requirements tend to decrease, and one might not consider a term plan. Before retirement, it serves as a tool for taking care of dependents.
One should carefully read all the documents of the policy, get done with medical tests and also be cautious of restrictions and the waiting period.
Individual health insurance policy is a must as one gets older, the costs of health also become one of the largest expenses.
It is advisable for one to opt for a top up policy as it provides additional coverage at lower prices, especially for hefty hospital bills.
One also has to keep a check on the insurance needs every few years. The right way is to get the ideal amount of insurance, neither too less nor too much.
Insurance is more about oneself than about protecting other people. One should focus on what is needed and helpful.