The kids are grown, you have grandkids to spoil, your house and car are paid off and you are either retired or close to it. Do you still need life insurance? While life insurance can cost more as you get older, there are some good points to consider before making a decision about buying a life insurance policy as a senior.
Can your loved ones afford your funeral expenses?
Even though it’s called life insurance, such a policy can pay for your funeral and service. A death benefit can be a gift to loved ones who otherwise won’t be able to afford to honor you like they want to.
Will your estate taxes be high?
Federal and state taxes can be high when the estate inherited is of high value. This could prove a hardship to your family, or you may simply not want to burden them. Your death benefit would help cover these taxes.
Do you want to be prepared for possible medical expenses?
A medical condition or illness that leads to your death could result in some hefty health care costs for your family. Think about a life insurance policy that would help pay for remaining medical expenses that would otherwise have to be paid by loved ones.
Would you like to leave your grandchildren an inheritance?
Even if your children are set, you might want to leave something to your grandkids. Perhaps you’re one of the growing numbers of grandparents that are raising your grandchildren. Your life insurance benefits would go a long way towards giving them some financial stability in your absence.
Is there a chance you’ll outlive your spouse?
If your spouse lives longer than you, your life insurance death benefit can help keep him or her financially secure in your absence. If you are still working, this will protect your spouse’s standard of living.
Is there a charity you’d like to support?
Many people have a favorite charity they would like to support in a meaningful way. If this is the case with you, you can make the charity the beneficiary of your life insurance benefit.
You can help family and loved ones by purchasing a life insurance policy, even as a senior. For the most affordable kind of life insurance, consider a term policy. With term life insurance you can buy a set number of years for a plan.
Want to find out more about your life insurance options? To look into term, whole and universal life insurance and to get quotes, we have it all for you online.