You’re retired, your kids are grown and out of the house, your mortgage is paid off. Is life insurance really necessary at this point? The short answer is maybe…While it’s true that most of the reasons you bought life insurance in the first place no longer pertain, there are still lots of reasons to continue to have life insurance after the age of 60. To determine if you still need life insurance, ask yourself the following questions:
Will anyone suffer financial hardship?
Think about your retirement income. Do you have a pension in your name? Do you have military or other benefits that your spouse will no longer be able to collect upon your death? Do you own a prosperous business? Do you have a disabled child who will require care after you’re gone? Will your family be faced with large estate taxes?
If the answer to any of these questions is yes, life insurance may be the best way to secure your loved one’s financial future.
Is leaving a legacy important to you?
Even if your financial security is not dependent on you, you might like the idea of leaving some income to your children, grandchildren, or favorite charity. You may also be concerned about the costs associated with death. Life insurance allows you to make small monthly payments, and leave a sizeable amount to the beneficiary of your choice.
What kind of life insurance is right for you?
Since you’ve already entered your retirement years, the financial loss you’re facing is most likely not going to decrease over time. In which case, permanent insurance may be your best option. Permanent policies are more expensive than temporary (term) policies, but they also allow you to keep your insurance longer and they pay out regardless of your age.
How do I find out more?
Finding the specific policy that’s right for you can be complicated, as policies don’t always compare apples to apples. The specialized insurance consultants at Invincia Insurance Solutions are here to help you figure out which life insurance policy will meet your financial needs, without costing you more than necessary. Get more information by contacting us online or call 804.751.0600.