LifeNet Insurance Solutions Blog

5 Reasons for Over 50 Life Insurance

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If your children are gone, you may be wondering if you need life insurance any more. Actually, while people under 50 often buy life insurance mostly for financial security in a crisis, over 50 life insurance can have many other purposes in a financial plan.  An experienced independent agent can discuss your financial needs and help you find the right insurance to help you with Life insurance for:

• Pension Maximization- Most retirement plans offer you the choice of a lower payment (usually between 10% to 35% less) if you take a joint survivorship option, which transfers the income to your spouse if they survive you.  While that might seem a good idea, an independent insurance agent can help you maximize your pension by showing you how you can take a single survivorship on your pension and then buy life insurance which can provide for your spouse.
• Debt and Mortgage Relief- Paying off debts and a first or second mortgage can be a financial strain.  Life insurance can provide for debt relief which allows the rest of your estate to provide for your spouse and family.
• Special Needs Child Protection- If you have adult special needs children, you know that they may survive you by many years and may have concern about meeting all their medical and living needs.  An over 50 life insurance policy can be an excellent way to provide for them.
• Income Replacement- With the low interest rates and poor stock market, you may worry about whether your income will really provide enough for your family. An independent agent can help you evaluate whether an over 50 life insurance policy might help you provide for your family after you're gone.
• Estate Planning, Liquidity and Taxes- No one wants their hard-earned money to end up going to Uncle Sam rather than their family. An independent agent can help you choose a life insurance plan which will help with estate liquidity.

The Bottom Line

Thanks to good medical care, many of us are living longer than ever.  However, the bad economy has made many of us less financially secure.  An independent insurance agent can help you keep your financial house in order by helping you find the right over 50 life insurance policy for you.    

Photo credit: Selena N. B. H.