Young adults who are just starting out need life insurance for the new, big responsibilities they have, such as getting married, buying a house, or starting a family. However, just because you’re getting older doesn’t mean these responsibilities go away: in fact, many adults heading into retirement still have dependents, home mortgages, and debt. While your needs and priorities may shift from the days when you were a young adult, you can still benefit from life insurance after you retire.
Here are some of the reasons you’re never too old to invest in life insurance.
Longer Life Span
With so many medical advancements to keep us healthy, our life spans are increasing. On average, men live to age 84 and women to age 87, which is almost 20 years longer than in the 1950’s. If you retire at 65, you still have 20 years to support yourself. Are your pension savings and retirement income going to be enough? If you’re unsure, it’s a good idea to consider a life insurance policy to supplement your savings.
Debt is a fact of life for many families, including retirees. Increased medical costs, real estate investments, and other obligations can weigh heavily on your wallet, and on your loved ones in the event of your death. Life insurance coverage can reduce the burden on your remaining family members in the event that you have outstanding debt.
Family structures aren’t as straightforward as they used to be. Recent and current economic pressures have resulted in situations where children remain at home, or where grandparents are the primary caregivers for their grandchildren. Additionally, those with children or a spouse that requires medical care or assisted living are often caregivers for life. Life insurance policies can help provide for dependents when you are no longer there to care for them.
One of the main purposes of life insurance is to protect your loved ones after you’ve passed away. Therefore, it’s important to also consider final expenses such as funeral and burial costs and the potential financial burden they can impose on your remaining family. These services can be costly, and if your family can’t afford the costs, life insurance can help them honor you without added financial stress.