Life Insurance For Old People
No do not be offended by the title of life insurance for old people! I have been hanging around my own teenagers too much, I guess, because I came up with that term, rather then the more politically correct terms of life insurance for seniors, life insurance for baby boomers, etc. If you have raised kids, you will probably crack a grin too, rather then be hurt.
Anyway, the point of this post is to explore reasons why holder people buy life insurance. Many of us have been told that life insurance is for young, working people, or people with younger children in the house. However, many of us found ourselves approaching retirement and the end of our worksite life insurance or a term policy set to expire. That is, exactly the time, though, when life insurance is harder to get, and we do have our regrets.
Look at some of the reasons why we might buy life insurance at 50, 65, or even 75 here. First, many people think of burial expenses. It is easy for a funeral to top %10,000 these days. It is a tough burden to put on a family, and that is why many middle aged people and senior citizens consider a life insurance poilcy for themselves. And it is also why some children, of these older people, even buy life insurance for their older parents. This is usually called final expense life insurance for seniors.
Secondly, life insurance has been a traditional way for older parents to pass on an estate, usually tax free, to their own children. Monthly life insurance premiums can be a very affordable and sensible way to leave money to heirs. Or sometimes, one child may inherit a business or a home, but the rest of the children need to inherit something too. So a life insurance policy can pass on money to those people so they won’t be left out.
Third, some times of life insurance actually build an asset. These policies can be cashed in or borrowed against if the need arises. So they provide the double protection of life insurance, plus a cash “savings” bank.
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