Is it worth it to invest in life insurance when you’re over the age of 50?
While most people understand the importance of having life insurance to provide for their loved ones, a common question arises when people enter their 50s: Do I still need the coverage offered by life insurance? If your children have moved out and you have paid off all major debts, such as your mortgage, you might not see the value of keeping your life insurance. However, before you decide to cancel your policy, there are some things you should consider. Here’s why life insurance may still be important for you.
No matter what age you are, the cost of your funeral and burial can be staggering. Today, final expenses can exceed $10,000, and this cost continues to increase every year. If you want to spare your loved ones the financial burden of having to fund your funeral and burial, then having the right life insurance coverage is a must.
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 can actually take up 50% or more of a descendant’s assets. Oftentimes, those who survive you are forced to liquidate their own assets in an attempt to pay this staggering cost. Luckily, having the right life insurance coverage in place can provide your beneficiaries with the necessary funding to pay off your estate tax without sacrificing their own financial stability.
Retirement Income Replacement
In most cases, when a retiree dies, their pension income is cut off or reduced drastically. This can leave a surviving spouse without a means of income to survive on. Having the right life insurance policy can replace your lost pension or retirement income and ensure that your spouse has the financial means to live comfortably.
These are some of the reasons why people over the age of 50 should consider keeping their life insurance coverage. Do you have further questions regarding your life insurance? Then don’t hesitate to contact the experts at Pierce Insurance Group. We are ready to assist you with all your coverage needs today.