Whenever someone says the word ‘protection’, another word comes to my mind. It is nothing but insurance. Insurance is an extremely crucial part of anybody’s life. It can really come to your rescue at times of financial distress. When you become old, there is definite possibility of financial constraints coming your way. You would have retired from your job and it would get difficult to generate an income stream after retirement. You would not have any physical strength left in you to take up any part-time or freelancing job once you have crossed the age of 60. Depending on others to lend you money on a regular basis can really dent your relationship with them. This is true even in case of close relatives.

Even when you are old, there can be lots of commitments that can make you financially tight. Since people don’t tend to be heavy eaters when they get old, food expenditure would not be a problem. But, old age can bring in various kinds of health issues along with it. Health issues can not only be frustrating for you and your relatives, they can also take away a lot of your money. A single visit to a nearby clinic itself can cost you a lot in the form of consultation fees. If you have some complicated issues, then the doctor might charge even more.

Blood pressure and diabetes are two of the most common diseases that are known to plague people at old age. Paralysis is also something that can occur at old age. You may have to frequently visit your doctor to check your blood pressure and blood sugar level and buy medicines regularly. The medicines can be quite expensive. Hence, having a health insurance cover is of paramount important. You can ignore health insurance at your own peril.

While health insurance is mandatory, life insurance can also be extremely useful after retirement. Even though I hate to say it, one needs to realize that life cannot go on forever. When you cross 60, this fact will definitely loom large on your mind. More than you care for yourself, you would care for your loved ones. You would want to keep your life partner financially secure even after your demise. You never know how settled your kids are going to be. So, having a life insurance cover can take care of the financial requirements of your life partner and children if you have any.