When people are young, even if they have families, they don’t always think about life insurance. They may mean to, but never seem to get around to it. Particularly if they have a family depending on them, however, life insurance is an absolute must.
But life insurance after retirement can be just as important. Whether you’re in your 70s, 60s, were lucky enough to retire in your 50s, or are in excess of 70 years of age, worthy investments can be realized through some life insurance options. Granted, compared to when you were younger, you may pay more for policies. But it’s not too late to consider life insurance just because you’re no longer as young as you once were.
What type of life insurance will meet your needs the best? To determine the answer to that question, the stage of life you’re in, health, financial situation, and your dependents will all figure in.
If you’re in doubt as to whether or not life insurance should be considered, think about the following.
There Is No Age Limit for Life Insurance
You can get relatively low premiums on policies with death benefits that are somewhat limited. They can cover burial and other final expenses, for example. Many don’t even require medical exams of an extensive nature.
Perfect Health Is Not a Requirement
Life insurance coverage can still be obtained even if you have serious health problems. For those with pre-existing conditions, special policies are written by some life insurance carriers.
A Wise Investment May Be Provided by the Right Kind of Life Insurance
While also deferring taxes, cash value can be earned by some universal life insurance policies. Some risk can be involved in investment strategies where other permanent life insurance policies are concerned, however. Seek the advice of a professional when in doubt.
Affordable Life Insurance Policies Are Out There
In your 70s and older, you may decide to stick with policies that have lower premiums and limited death benefits.
In your 60s, you may discover that guaranteed universal life coverage or whole life insurance offers the best value.
In your 50s, one affordable option can be that of term life insurance coverage that combines traditional benefits, fixed rates, and customized policies.
Loss of Income and More Can Be Cushioned by Life Insurance
In the event of death, a loved one’s lost income can be offset by a life insurance policy. However, even if you don’t depend on a weekly paycheck (because you’re retired), a life insurance coverage policy should still be secured.
After you’re gone, your loved ones could receive help from a life insurance policy for the following:
- Provide for long-term care expenses or medical expenses
- Pay off a mortgage, credit cards, or other unsecured debt
- Leave behind a financial legacy for heirs or a charity
- Cushion the estate tax burden
- Cover funeral expenses
Americans Are Living Longer
Just because you’re in your 50s or 60s – or even older – doesn’t mean you won’t be around for decades to come. In America today, people are living far longer than they used to. Since the 1930s, life expectancy has increased by more than 20 years. For women, 87 years of age is not unheard of, and for men, 84 years of age.
Get Your Life Insurance Policy – Then Sit Back and Enjoy Senior Living at Spring Mill Retirement Community
Okay, now you know, as a retirement age individual, you should definitely have a life insurance policy in place. Once you’ve shopped around and decided which policy is best, finalize the paperwork and let the appropriate person know where to find it (should something happen to you). It’s not something most people want to think about but they must.
With that out of the way, it’s time to kick back and enjoy senior living at the resort-like Spring Mill. We offer a number of senior living situations including respite care, our SHINE® Memory Care, and personal care living services. One will likely be best for you or your retirement age loved one.