a. It helps you support your family financially: Your financially dependent family members might struggle in multiple ways in your absence. Right from your children to your spouse, there are various concerns that your family members may face in the absence of adequate funds. For instance, if your children are still pursuing their higher education or wish to do so in the future, the sum assured from a life insurance plan can help them achieve their academic and professional goals. Similarly, the life insurance payout can also be used for their wedding and can be used to cover many types of expenses and support your family’s daily needs

• It helps in repaying any loans: A lot of people step into their retirement with debt. If you are one of these people, it becomes imperative for you to buy a life insurance plan after the age of 65 years too. Accumulating debt and high interest payments can weigh on your loved ones if you are not around anymore. Moreover, if you have loans with collateral, your family members risk losing precious assets like your home upon the failure to clear the dues. A life insurance plan can rescue them from such a situation and help them live a dignified life. You can also buy a life insurance plan under the Married Women’s Property Act (MWP Act). This protects your wife and child against all creditors and ensures that the insurance money goes to them without any stake by a third person.
• It helps to manage unexpected expenses: While you may have some savings in your bank account or a retirement plan, a life insurance plan can offer increased financial protection. All families have two kinds of expenses – discretionary and non-discretionary. So, as important as it is to plan for like rent, gas, fuel, transport, travel, electricity and more, it is also important to plan for the bigger expenses like medical expenses, financial emergencies, theft, damage to your home, or any other unpredictable situation. Purchasing a life insurance plan in retirement will offer your family members enhanced protection. They can use your other savings for their day to day needs and the life insurance payout for the bigger expenses or vice versa. Life insurance plans offer the option to receive the sum assured as regular income or in a lump sum. So, your loved ones can conveniently use the money for all of their expenses as they desire.