Which is best insurance plan for my parent aged 56 and 61 yrs.?

My parents are 61 and 56 yrs old. They do not have any insurance. There are insurance companies giving insurance at this age with 1 or 3 big premium amount however mortality rate increases. Is it advisable to go for such insurance policies? What is the best investment plan at this age?

Well, good luck on that. The best INVESTMENT is never insurance. They need to sit down with a local INVESTMENT advisor. Or a financial counselor. If they have NO insurance, and are looking for EVERYTHING (car, house, health, life, disability, long term care) they're going to get some major sticker shock.

I assume you are talking about Life Insurance. I think having a life insurance policy is a great benefit. I would look for a burial plan. Most life insurance companies will sell them. I would look for a company that pays dividends and interest on a permanent plan ( Whole life or Universal Life ). Some companies will offer continuing payments but if you can afford the full payment It may suit you better. Every year the cost of insurance will go up so the sooner you get it in place the better. Good Luck

There is a insurance product called " SENIOR POLICY" in force in country like Malaysia offered by AIA. No medical check up. Monthly Pay USD20+ dollar per unit and the coverage is around USD6000 dollars

Life insurance should never be considered as an investment vehicle. If the desire is to invest better to look into mutual funds.

That doesn't mean that they should not purchase life insurance if there is a need. For example, if they still owe on their home they might want to get enough insurance to pay off the mortgage. Or they might purchase a life insurance policy that would cover final expenses.

You probably want to do some reading up on life insurance, types of policies, etc and get some online quotes. Check out http://life.insurance---quotes.com for some more info on the different types of life insurance policies and links to some websites that will be able to give you a quote on the premiums depending on which type of policy you want.

You need to first probably determine how much insurance will be needed. Will you need to just cover death and burial expenses, pay off a house or give a gift to family members, etc.