I’m 60+; Do I Need Life Insurance?
Well, it’s official: we’re all getting older. We may have thought we were invincible in our youth, but the reality is that we’re all going to kick the bucket eventually.
With a life of hard work behind us, we typically assess how we stack up financially as we enter our golden years. A full retirement account and a paid-up mortgage are positive signs of good money management.
However, there are several reasons to consider keeping or purchasing life insurance after the age of 60, including:
1. Final Expenses: One of the main reasons to purchase life insurance is to pay for final expenses, such as funeral and burial costs. Even if someone has saved enough money to cover these expenses, life insurance can provide a way to pay for them without using savings or assets that might be needed for other purposes.
2. Paying off Debts: Life insurance can be used to pay off outstanding debts, such as business loans or credit card balances, providing peace of mind for the policyholder and their loved ones.
3. Leaving a Legacy: Life insurance can also be considered part of an inheritance, for those who wish to leave a financial legacy to loved ones, charity, etc.
4. Supplementing Retirement Income: As people age, they may need to supplement their retirement income to maintain their desired lifestyle. Life insurance can provide a source of income for a surviving spouse or other family members.
5. Long-term Care: Some life insurance policies have built-in long-term care benefits to provide coverage for care not covered by Medicare or Medicaid. This can be especially important for older adults concerned about long-term care’s high costs.
It’s worth noting that buying life insurance at a later stage in life, especially over 60, can be more expensive than purchasing a policy at a younger age. But some options are specifically tailored for seniors, known as guaranteed issue or final expense policies.
It’s important to consult with a licensed insurance professional to help you understand the options available to you. They can help you find the best policy suited to your needs and budget.
Featured Blogs
- Fueling Your Mind with Brain-Boosting Foods
- 5 Simple Ways to Boost Your Immune System (and 1 unusual way)
- Embracing Our Roles: Renewing Our Commitment to Sustainable Living
- Tips for a Stress-Free Tax Season Experience
- Spring fitness ideas
- Inspirational women who make the world a better place
- Creating a Positive Start to Your Day
- Spring Forward: Adjusting Your Routine for Daylight Saving Time
- Gratitude - Key to a Positive Mindset
- Adopting a Holistic Wellness Approach to a Healthier You
- 3 Common Sense Things People Should Know
- Exploring Superfoods: Nutrient-Packed Ingredients for a Healthy Diet
- Unraveling the Mystery of the Extra Day
- Digital Detox: A Healthy You in a Hyperconnected World
- Financial Fitness in 2024: Budgeting and Saving Tips
- Three Joyful Habits for a Healthier You in 2024
- New Year's Resolutions: Staying Committed Year Round
- The Magic of Christmas Traditions
- Staying Healthy During the Winter Months!
- How to be a Time Management Whiz During this Busy Season
- Self-care tips for December
- Five Health “Hacks” For Happy Holidays
- Turning 65? Looking at Medicare?
- Turning 65? What You Need to Know about Signing up for Medicare
- The Smart Home: What is that?
- Important definitions to help you understand your life Insurance
- Why an Insurance Agent Makes a Difference When Buying an Insurance Plan
- Preparing For an Emergency
- Davis Insurance Fresh New Look!
- Why Do I Pay Medicare Part B
- Don’t Let Insurance Coverage Gaps Put You at Financial Risk
- It’s February And That Means It’s American Heart Month
- Starting a New Business? Don’t Forget Your Insurance
- How to Stay on Track with Healthy Goals for 2017
- Insurance and Financial Planning Resolution for 2017!
- Wishing You a Happy Holiday Season
- End of the Year Financial To-Do List
- Modest Increases for 2017 Medicare Parts A & B Premiums and Deductibles
- Open Enrollment For Health Insurance is Here!
- Eat Well, Sleep Enough and Move to Stay Healthy
- Four things to know about Medicare Open Enrollment
- Pick a Plan, then Find The Right Doctor