Should you invest in life insurance if you’re over the age of 50?
Generally, most people understand how important it is to have the right life insurance to provide for their loved ones and prepare for the unexpected. However, if you are over the age of 50 and your kids have moved out and you have paid off most of your major debts and financial obligations, then you might not see the value in life insurance anymore. Before you decide to cancel your policy, here are some of the reasons why life insurance may still be important for you.
No matter how old you are, the cost of your funeral and burial can place a significant financial burden on your loved ones. Today, death expenses can exceed $10,000, and these costs seem to be increasing every year. If you want to spare your loved ones the expense of having to fund your burial and funeral, then it’s important that you have the right life insurance coverages in place.
Estate taxes are another concern for those over the age of 50. If you are subject to an estate tax at the time of your death, this could actually cost up to 50% of your descendants’ assets. Oftentimes, your loved ones will be forced to liquidate their own assets in an attempt to pay this serious cost. Luckily, having the right life insurance at the time of your death can cover the cost of your estate taxes without your loved ones having to sacrifice their own financial stability.
When a retiree dies, their pension income is cut off or reduced significantly. This can leave a surviving spouse without a means of income. Having the right life insurance in place can replace your lost pension or retirement income and ensure that your spouse can continue to live comfortably.
These are some of the reasons why you should consider keeping your life insurance policy even if you’re over the age of 50. Do you have further questions regarding your life insurance? Then contact the experts at Steve Wilk Insurance Agency. Located in Illinois, check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.