For 50s and up

The importance of life insurance in your 50s (and up).

When you reach your 50s, you have many things to look forward to. Your kids are most likely older or already grown, and you are probably more financially secure than ever before. However, when it comes to financial planning for your 50s (and up), does life insurance have a place?

The Necessity of Life Insurance for Individuals Aged 50 and Above

A significant number of Americans have yet to implement essential measures to safeguard their family's financial future in the event of unforeseen circumstances. If your income is crucial to the well-being of others, obtaining life insurance is imperative.

Here are some additional reasons you may need life insurance if you are 50 years old or older:

• You have children or grandchildren who are financially dependent on you.
• You are managing outstanding debts, such as a mortgage or credit card balances.
• You are concerned about covering your final expenses.
• You wish to safeguard your existing assets.
• You aim to enhance your retirement income through the cash value component of a permanent life insurance policy.

You want assistance with estate or legacy planning

Best types of life insurance for people 50 and older.

• Term life insurance is an appropriate choice for individuals seeking coverage for a specified duration. For instance, you might require coverage until your children complete their education or until your mortgage is fully paid.
• Permanent life insurance, on the other hand, offers the advantage of lifelong coverage, provided that premium payments are maintained. It is particularly beneficial for addressing final expenses and facilitating legacy planning, with its cash value component offering potential financial benefits to retirees.
  • Given the inclusion of a cash value component and the extended coverage period, permanent life insurance policies generally entail higher costs than term policies. Therefore, it is crucial to ensure that the premiums align with both your current and anticipated future financial capabilities.

In 2024, several insurance providers offer guaranteed issue policies to all applicants aged 65-85, which are particularly suitable for those seeking assistance with final expenses. We can assist in identifying the product that best aligns with your needs. Schedule a life insurance consultation with a licensed insurance producer today.