Though life insurance is most commonly thought of as being for young families, it’s actually an important consideration for seniors, too. Whether you’re over 50 or over 65, there are several reasons why life insurance may still be a wise investment.
First and foremost, life insurance can provide peace of mind in knowing that your loved ones will be taken care of financially if something happens to you. Even if you’re no longer working, you may have significant financial obligations that would fall on your loved ones’ shoulders if you were to die. A life insurance policy can help ensure that they are able to meet those obligations.
In addition, life insurance can be a valuable asset in retirement planning. It can provide a pool of funds to draw on in case of an unexpected emergency, or to help finance long-term care costs.
Finally, life insurance can be a way to reduce your estate taxes. If you have significant assets that you would like to pass on to your loved ones, life insurance can be a tax-effective way to do so.
Though life insurance may not be right for everyone, it’s still an important consideration for many seniors. If you’re over 50 or over 65 and are thinking about life insurance, make sure to speak with an experienced agent who can help you find the policy that’s right for you.
5 Tips for Buying Life Insurance Over 65
1. Make sure you’re getting the right life insurance policy for your needs. Some life insurance policies are better suited for seniors than others. Make sure to choose a policy that will provide the coverage you need if something happens to you.
2. Don’t wait too long to buy life insurance. The older you get, the more expensive life insurance becomes. It’s important to buy life insurance while you’re still healthy and have a good chance of being approved for a policy.
3. Get a life insurance policy that pays out a death benefit. In most cases, life insurance is purchased in order to provide a death benefit to your loved ones in case something happens to you. Be sure to choose a policy that will pay out what you need to cover your costs.
4. Don’t choose life insurance because you think it’s the only way to avoid probate. There are several other ways to split up your assets in order to avoid probate, and life insurance is not always the best choice. Talk with an experienced life insurance agent who can advise you on an appropriate life insurance policy for your needs.
5. Consider buying life insurance even if you’re already receiving benefits like Social Security or pension payments. These sources of income may not be enough to replace what you were earning before retirement; life insurance can provide additional financial security should something happen to you while you’re retired.