Although many people consider a life insurance policy to be necessary only when they have a family for whom to provide, having one can actually be vital in a number of different situations. Even if your children are all grown up and your mortgage is all paid off, you may find that having life insurance coverage can be of great benefit. If you have finances tied up in the stock market and the market crashes before you have a chance to replace your assets, your life insurance policy can help you. And if, like the 7 million grandparents who lived with a grandchild in 2013, you’re chiefly responsible for the well-being of your grandchild, your policy can help to provide for them in the event of your passing.
But if you are fortunate enough to have minimal debts and few financial responsibilities or worries, you may not think that the life insurance cost is worth it. That’s why many seniors opt for short term insurance, as it often provides the coverage they need without a significant cost. Whether you decide on a term or permanent policy, working with a life insurance company can reduce the burden you put on your loved ones and can give you peace of mind. Here are just three reasons seniors over the age of 60 should still invest in a life insurance policy:
Your policy can pay for final and outstanding expenses
For many people, the cost of a funeral and burial can be a shock. On average, these can cost more than $15,000! Your insurance policy will allow your family to pay tribute to the impact you’ve had on their lives without shouldering a huge financial burden. And even if you don’t have outstanding mortgage payments or credit card balances, the pay-out from your policy can also help to cover medical bills. Since we can’t always plan for needing additional medical care, this can be a big help.
You can leave a legacy
Your policy can also be used to provide for your children, grandchildren, or even a charitable organization. While not every person is in a financial position to provide gifts set aside in their wills, this can be a great way to keep your memory alive and support those you care about.
You can provide for your spouse
Even if you and your partner are both retired, your death may leave your spouse in a financial lurch if you don’t have an insurance policy. If you rely on pension or Social Security checks, your passing could be a huge financial burden. This is especially true if your spouse is not currently in the workforce. Even if you’re both managing your expenses right now, that may not continue to be the case after you’re gone. Having a life insurance policy will ensure that your spouse can continue to life comfortably and without financial worry.
You may not be able to plan ahead for certain health issues or for any accident, but you can take precautions now to help your loved ones in the even if your death. To find out more about how our insurance policies can help you and your family, please contact us today.
