Okay, so suppose you have earned a lot in the past 40 years or so, and you want to live happily ever after. Well, it might depend on your age and your health. But things aren’t as straight as you think.
Most of the people think of necessary things when they are in trouble, like, “If I had done this”, “if I had done that”, etc., and such is the life insurance.
People think about life insurance when they would like their family to be protected, so that if any day they are dead, their family has a replacement income. They don’t want to think it as life support anyway their all asset goes away from their hand due to an accident, such as, stock market crash that happened just a few years back, and then what if you die before making things back on track.
Why do you need insurance?
- You have grown up children. You already paid all your mortgages, and you have none to minimal debts. So, it’s natural that you can ask that what the need for you to have insurance at the age of 60 plus.
- Your spouse is spending a whole life with you, doesn’t she deserve the same lifestyle after your death. This is one thing you need to consider.
- The type of funeral you want after your death might be a big one or a small one, but each type of funeral is associated with some expenses. Who would take care of those expenses?
- Expenses like minimal debt or such are left. Who would pay for them?
- The estates you hold and the transfer of inherences tax have to pay, who will pay for them?
- The decedent taxes under the IRAs, 401(k)s asks for a tax, who would pay the tax?
- If you have a disabled child or spouse, they would also need to be taken
- If a shareholder or your partner has sudden death, you need to buy their interests. Where would the sudden money come from?
But these above mentioned are only a few of the reasons, there are also reasons like:
- You can get a tax-free source of income through dividends.
- The values of funds that are surrendered by cash come as emergency
- The values of funds that are surrendered by cash can be made wholly or partially annuitized that guarantees lifetime income.
- The unused funds can be given as a gift to grandchildren who will remember you forever.
- You can put money to charity, and then after your death the neediest will still get benefit after you.
- You will have flexibility in your estate plan.
- Uneven distribution of the property can be balanced through this.
- You will be free to spend all your money and still will leave your legacy behind.
Having life insurance for seniors is doesn’t only guarantee that you are safe, it also ensures that you live holding your head high and even holding your head high you die.