What use could life insurance be for retired people?
Your needs will change after you get your gold watch and leave your office or factory floor for the last time. But does that mean that your needs for a life policy will entirely evaporate? Well, the answer will probably be different, depending upon your own goals and financial situation. So how can you find a policy after age 65.
What are Your Obligations?
You may have watched your own children move out. In a perfect world, they will be educated and off supporting themselves, and maybe they will even have their own kids. You may still have a spouse who depends upon you, but his or her needs may be less than they were 30 years ago. The home mortgage that loomed large 2 decades ago has shrunken or been paid off (we hope). And again, in that same idea vision, debts are low, and there is some money in the bank to settle them if anything would happen to you.
Does this sound like you?
Well, this is a great picture of retirement, but it isn't always the story with many people these days. Those kids do not always complete their education on schedule. With high unemploymet today, many young adults have not found a job. Adult children are coming home, and sometimes they even come back with their own children.
Did the Home Get Paid Off?
Sure, we all planned to pay off our mortgage by age 55. But then our jobs changed and we moved. Or we lost a job and had to refinance or take out a second mortgage. Sometimes those homes do not get paid off on schedule either.
Can Your Savings Survive a Problem?
If you needed to dig into your savings because of a medical problem, can you still leave your kids or spouse any money? Several months in a nursing home can wipe out a lifetime of savings. If you want to make sure that your heirs will be able to inherit something.
Would Paying for a Funeral and Final Expenses Be A Cash Burden?
US funerals can cost $8,000 or more. And that is money that usually needs to be produced right away. Would that expense be hard on your surviving spouse or kids? A small life insurance policy, designed to pay for senior final expenses, can be an affordable way to plan for that.
One Child is Qualified to Run the Business?
You can also plan for an estate transfer with a policy. Consider the case of a law firm owner. His daughter attended law school and is being groomed to take over the firm when he dies. However, he also has two sons who are not lawyers. Let us say that one grown child runs a sandwhich shop while another is a school teacher. In order to be fair, the law firm owner would like to leave his sons something, but would like to leave his daughter in charge of the law firm. A life insurance policy can provide a buyout option for the other surviving children when only one child will inherit a business.
Do Retired People Need Life Insurance?
If your savings and retirement income are adequate, and you do not have many outstanding obligations, you may not need to be covered. However older people can use a policy to plan for retirement and estate transfers.
Author Resource:
Find life insurance over 50 . We can help you find a policy for your particular needs with secure online forms. Find no medical life insurance for older people.
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