Humans have been blessed with the nature in order to plan and protect their future. If you dont plan for your future today then the chances are that you are going to suffer the consequences in the future. Planning on time to cope with the difficult time provides you the power to cope with the difficult time in a dignified manner. Longevity insurance is that field of insurance that provides you the complete financial backup in the old age of your life when you are not able to earn. Also known as longevity annuity, it is a sort of retirement plan for all those people who want to gain regular income in the later years of their life without having to do regular job.
How it works?
Longevity insurance is designed to provide you the financial protection in the end years of your life. If you are living a healthy life and the expectancy is that you are going to live a long life then this type of insurance plan would be very beneficial for you. Most of the people tend to invest in this plan when they reach the age of 60+ so they get to receive the benefits of this plan when they become 80+. The basic idea is to invest in the plan as you work though your job. The period during which you pay for the plan is known as the annunization period. After you have reached the age of 80+, this plan will help you with financial independency till your last breath. This plan is really great for you if you want to secure your old age or have no one to depend on in your old age.
What if Im not there to benefit from this plan?
This question arises in most of the minds. Whenever any person is planning for his future, he must also keep the unforeseen circumstances in his mind. So, even if you are in good health with a long life expectancy, you must keep the expectancy of sudden death in mind. Most of the people who tend to invest in longevity insurance come up with this question in front of their insurance agents. If you die during your annunization period or you have paid all the premium installments and died before you could benefit from this insurance plan; in both of the cases the total amount of the plan will be paid back to your beneficiaries.
The hidden benefits of longevity insurance:
Most of the people will regard this as a loss of their precious money but in fact its not. With the investment in this insurance plan you are definitely going to receive several hidden benefits. Old age is the age when men are at the peak of encountering with their worst financial fears. You are not able to work, your kids dont live with you, your health is not good, may be you are admitted fulltime in a nursing centre or a hospital seeking medical care for any terminal illness. Such are the cases where you definitely need a fix and confirmed source of income.
Investing in longevity insurance will not only ensure the presence of regular income in your old age but it will also bring you peace of mind.