Purchasing a senior life insurance policy in your twenties, thirties or forties when your family is growing and depends on you for income makes sense. Once you’re close to retirement age, is life insurance still a must-have for your financial plan?
Senior life insurance is right for you when you can answer “yes” to the following questions:
Do Loved Ones Depend on You for Support?
Even though your children may not be small, you might still have dependents who need you. Perhaps you’re raising your grandchildren. Maybe you have a special needs child to provide for. If you are required to work at all in retirement for the benefit of a loved one, senior life insurance can replace this income.
If you and your spouse planned your retirement budget based on your pension funds, senior life insurance is also a beneficial back-up plan in the event of your death. Losing your pension could cause your spouse to make major changes as a result, such as going back to work or selling your home. With senior life insurance, your surviving spouse has a financial cushion, providing the freedom from making decisions out of necessity.
Do You Have Major Debts?
If you have major debts from a business, high estate taxes to pay or major medical bills don’t leave surviving loved ones with this burden. When you know your outstanding financial commitments will be passed on to a spouse or child, you may like what a senior life insurance promises. Your loved ones can use the policy’s death benefit to satisfy your obligations – they won’t have dramatic financial strain during an already stressful time in their life.
Do You Still Need to Plan for Your Final Expenses?
How will your loved ones pay for your funeral, burial or cremation? Final expenses can rise quickly and a senior life insurance policy helps provide immediate, tax-free funds to pay for these bills.
Would You Like to Pass on a Legacy?
Finally, a senior life insurance policy is a great way to establish a trust for your children or grandchildren’s future education costs. When you can pass on a financial legacy, your support for your loved ones will carry on even after your passing.
Don’t Delay – Age Matters
If you are interested in a senior life insurance policy, the sooner you apply, the lower your rates. As you get older, insurance companies will require a wider range of medical tests before granting eligibility. Your annual premium will also depend on the type of life insurance you select: a term, universal or whole life policy.
Learn more about the benefits of senior life insurance – contact My Senior Health Plan today for a personalized consultation on your financial needs.