Do I Still Need Life Insurance After 50?
Your insurance needs change and evolve throughout your lifetime. Much about life insurance will depend on your life situation and financial status at any given time. People purchase life insurance for many reasons. They may want to pay for final expenses and outstanding debts to relieve their children of that financial responsibility later in life. They may also want to leave a legacy or make a bequest to their favorite charity.
Many people expect those financial needs and desires to be met through savings and pensions. Financial planners recommend canceling life insurance policies after the age of 65 with that expectation. For those that don’t have extensive financial resources to rely upon, life insurance after 50 still makes sense.
Dependent Children
If you’re among those that have waited to have children later in life, you should definitely invest in life insurance. If the children are in high school or college, life insurance can provide the financial means for them to continue their education. Another situation that’s arising more in modern society is grandparents raising their grandchildren. Your life insurance policy can provide the basis of a future educational fund for them.
If you have adult children that have disabilities and will require long-term care or assistance, a life insurance policy can ensure they receive the services and support they require after you’re no longer here.
Spouses and Partners
If your spouse or partner isn’t able to receive any pensions you may have, life insurance is an excellent way of ensuring that they’re able to support themselves after you’re gone. Relationships and the law can be complicated. You can decide through naming a beneficiary what portion, if any, of the policy’s funds will go to which individuals.
Reducing Amounts
An increasing number of men and women are reducing the amount of their coverage after they reach the age of 50. They’re maintaining minimal, no-frills policies that are designed to cover the costs associated with funerals and burials, but little else.
No Right Or Wrong Answer
Your life insurance needs will vary according to your stage of life and financial situation. When it comes to life insurance, there are no right or wrong answers. Purchasing life insurance later in life or maintaining an existing policy may be adequate for your needs and provide an ideal solution. You can choose term life insurance, whole life insurance, and a type called final expense insurance for a policy that best suits your needs after 50.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
