There are many people who retire without having life insurance. It may be that you did not have the financial needs before to buy a policy for you, never thought of having one for you, or were already having life insurance coverage by your employer.
However, it must be realized that if you are about to retire, or are already into retirement, you must get a senior life insurance policy to give the much needed protection to your family. The basic aim of having a life insurance policy is to replace the income that is lost as a result of your death. When you retire, you may not have any income to replace your lost salary, and no dependents that can provide you with the required protection, in which case a life insurance plan comes to great use.
Benefits of Senior Life Insurance
Although, life insurance is needed at any stage of your life, but insurance carriers have many specialized policies to look after the specific needs of seniors. You should consider the following points before going for any life insurance policy for seniors:
- Funeral costs
- Financial security for your spouse
- Estate planning to cover your estate taxes
- Outstanding debts
- Loan against your policy to travel or else enjoy your later years
- Providing cash gifts for some favourite charity
Drawbacks to Senior Life Insurance
All life insurance companies do not have specialized policy that is meant for seniors. Hence, it is important to research other available options like term life insurance and permanent life insurance plans. It needs mentioning that a policy does not have to cater only to seniors for meeting their needs. If you consider cost to be the main consideration, go for term life insurance policy that provides low premiums along with excellent coverage.