Do I really need life insurance?

You’ve worked hard to protect and provide for your family.  

But what will happen to them after you’re gone?  

senior-wondering-why-get-life-insurance

Life insurance provides financial protection for those you love most.  

Financial hardship comes in many forms. However, there are five core financial challenges seniors face today.  Each is a reason why seniors need life insurance. 

Five Reasons Why Every Senior Needs A Life Insurance Policy 

While there are many reasons to get life insurance coverage, these are the top five. 

#1 Funeral & Burial Costs

Though you may not want to talk about it, death is inevitable.  Just as it costs money to bring a newborn baby into the world, there are associated costs when you leave. 

Funeral and burial costs are not cheap.  According to the National Funeral Directors Association, the average cost of a funeral in 2018 was nearly $10,000!

Millions of American seniors live financially tight and cannot set aside thousands of dollars for their funeral expenses. As a result, millions of families take on the financial burden of paying for their loved one’s end-of-life costs.

According to Limra, funeral costs are the number one reason why people buy life insurance.   No Exam Life Insurance Quotes

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#2 Medical Debt

Another significant financial challenge that seniors face is poor health.  Over 80% of American’s over age 65 live with at least one chronic health condition. And often more as they age.  

No one plans on getting a chronic illness. Therefore, when illness arrives, it often throws off even the best of financial plans.  Living in poor health is expensive. As a result, many people get to the end of life with less money than they intended. And often die unpaid medical debts.  

Additionally, we all like to think we’re going to pass quietly in the comfort of our own home; however, this is rarely the case. The harsh reality is that most people require medical care in their last days of life. As a result, they accrue last-minute medical debts in the final days of life. 

A life insurance policy provides guaranteed funds that your family can use however they need. Paying medical bills is a big reason why seniors get life insurance coverage.

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#3 Credit Card Debt  

Sadly, most people have unpaid credit card debt.  This holds true even into old age.   

Did you know that 78% of individuals over age 50 have an active credit card balance? 

High-interest credit card debt is difficult to pay off, especially for those living on a limited budget. Unfortunately, many people die with an active credit card balance. In some cases, these debts are forgiven; other times, a surviving spouse or family member can be held responsible.

Using life insurance funds to pay off high-interest credit card debt is another reason why seniors buy life insurance.

#4 Mortgage Payments

Gone are the days where mortgages only belong to younger, working-age people. Today it’s common to pay mortgage payments into your 60’s and 70’s. But what happens when you die? Will your spouse be able to afford the mortgage payments on their own?

Using life insurance funds as mortgage protection is a populate motive for seniors to get life insurance coverage.  Insurance policies can be structured to deliver a set amount of mortgage payments or deliver a lump sum to pay off the loan. 

There are many options when using life insurance for mortgage protection. We strongly suggest working with one of our independent agents to discuss your life circumstances.  

#5 Peace of Mind

If the first four were not enough reason to get life insurance protection, do it for your own peace of mind.  

Securing a policy can help you live out your life without, or at least with, reduced financial stress.  You may have medical debts, active credit card balances, or don’t have any money set aside for your funeral, yet a life insurance policy can make all those right.

Life insurance provides guaranteed funds paid immediately to your beneficiary upon notification of death. And they can use the money however they need.  Securing a policy allows you to rest easy knowing that the funds will be there when needed the most.  

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