12 Jul Is It Worth Getting Life Over 50?
Determine whether you would benefit from life insurance coverage as you get older.
Once you pass the age of 50, your life insurance needs may change. Perhaps the kids are grown, out of the house, and are financially secure. Perhaps your mortgage is finally paid off. If so, you may be thinking about reducing your life insurance cover or eliminating it completely. On the other hand, a disabled dependent or meager savings might require you to hold on to your life insurance coverage.
The truth is that people of any age can need life insurance, including those over the age of 50. Although you may not feel like you have as many financial responsibilities, there are numerous reasons for having – or for keeping – this essential financial protection. Here are just a few.
- Final Expenses
Regardless of what age you are, funerals can be expensive. An average wedding can exceed $10,000 when factoring in items such as the funeral service, burial plot, headstone, transportation, flowers, and more. If there are final medical and hospice costs too, your family could be looking at a major financial outlay.
- Estate Taxes
Estate taxes are another potential area of concern for those who are over 50. For those who are faced with having to pay estate tax upon death, this liability can erode up to 50 percent or more of a decedent’s assets. If there is no plan in place, such as life insurance cover, surviving family members may have to sell off other assets such as retirement investments or family heirlooms to come up with the cash.
- Income Replacement
In many cases, when a retiree died, his or her pension income goes away or is reduced significantly. This can leave the surviving spouse in a financial crisis, especially if there is no other plan in place for replacing the lost income. Having a life insurance policy can help your loved ones retain their same quality of life when you’re gone.
A comprehensive life insurance plan can keep in mind the needs of your later years to give significant benefits. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!