Why Do Seniors Need Life Insurance?

The kids are grown, the mortgage is paid off, and you’re finally entering those long-awaited golden years. Should life insurance still be in the picture – and do you even still qualify?

Buying a life insurance policy ensures that you have financial security and peace of mind as you get older. After you’re gone, your loved ones receive a cash payout that can help pay for things like day-to-day expenses, end-of-life costs, credit card or other debts, and even long-term care if you develop a serious medical situation.

As a senior, you might not have many of the expenses that require life insurance, but there are still reasons to get insured. Your need for coverage depends on your circumstances and those you are leaving behind, not how old you are.

You most likely need to be covered if:

  • You’re supporting dependents, like aging parents or a disabled relative
  • You’re paying college tuition or other big expenses for your kids
  • You still have unpaid debts, like a mortgage
  • Your spouse depends on your income
  • You’re retired, but want your spouse to have enough cash to live on on top of retirement savings
  • You want to set aside money for end-of-life expenses, like a funeral or medical bills
  • You want to leave behind a legacy to your kids, grandkids, or even a favorite charity

Life insurance also typically pays out faster than the money from your estate, which can be helpful for loved ones if most of your assets are tied up in your house or investment accounts. By getting covered, you can make sure there’s a cash cushion immediately after your death to cover any expenses, debts, or legacies, so your family doesn’t have to wait for your will to be read.

By eF

Does all this seem like a lot to process? Don’t worry! Call Us 888-502-5267. The insurance experts at Elite Insurace Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free,-strings-attached quote, and then come back often for more information and inspiration about life and life insurance!

Keep In mind in the spirit of transparency, Our blog post are for informational Purposes only. We know how quickly things change, so we can’t guarantee the   content and the links to unaffiliated parties are up to date.

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