Everyone looks forward to their golden years. It’s a time to relax, reflect and enjoy the life you worked so hard for. At retirement age, you may not think you have a need for life insurance. Your children are grown and have families of their own and are no longer dependent on you. You’re retired, so you don’t have to worry about replacing your income for your spouse. The mortgage is paid and your debt is fairly minimal. Life is good.
Why should you still consider life insurance after retirement?
Although you have no one depending upon your income, having life insurance will ensure that your loved ones are not financially burdened if you were to suddenly pass away. Life insurance protects your family members from having to pay medical expenses, funeral costs and any outstanding debt.
Would your spouse lose part or all of the benefits of your pension or Social Security income if you were to pass away? Life insurance can help bridge that gap. With life insurance you can help your spouse maintain the same standard of living if you are no longer living.
Will you need to pay estate taxes? Depending on the value of your estate, taxes can be very expensive. Life insurance can help cover taxes, fees and other estate related debts and keep your loved ones from having to sell valuable assets to cover the costs.
Do you want to leave behind a legacy? Many retirees want their family to be financially comfortable and to receive some kind of payout after they are gone. A death benefit could help to pay for your grandchildren’s college, a wedding or even a home.
No grandkids? You can make your favorite charity the beneficiary of your life insurance policy. Because gifts to charity are estate tax deductible, your gift will not be subject to estate taxes.
Term insurance can still be an affordable option for seniors. Insurance carriers may differ in what they offer for varying ages. Some carriers may offer you a 10 year term policy at age 80, while other carriers may cut off at 75.
The Quotacy team works with several different insurance companies and will find the best option for you and your situation. Start today by running a term life insurance quote. Remember that your life insurance policy is not about you. It’s about protecting those you love from financial hardship if you were to die. Life insurance ensures that your family has access to cash to help with short and long-term financial needs.