Get Health Cover For Senior Parents

Queries Miraj Shah, BhavnagarI am 22 and studying. My father retired from service two years back. He bought one endowment policy long back which is giving him returns now but there is no other life insurance. Can he buy a term insurance now at 62? The purpose of term insurance is to replace future income if a wage earner dies. This is most relevant if the family depends upon the wage earner for its sustenance. In your case, your father has retired which means that he will now utilise his savings and does not have a future income. In this context, term insurance may not be the best option for him to buy. Insurers will hesitate to issue him a large term cover. They may give term plans with a low sum assured, but in my view, that will not be very meaningful. You may want to consider buying health insurance for your parents if they do not have that already because a medical issue can eat...