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5 Reasons Why You May Want Life Insurance Even Later in Life
September 1, 2023
We often think of life insurance as something that primarily serves the young. Many people, in fact, believe there is no reason to continue carrying life insurance later in life. But there are reasons to keep a policy alive later in life (even in retirement).
Here are 5 reasons you may want life insurance even later in life:
1. You have a dependent
Some people have greater needs than others, even in adulthood. If your child or grandchild needs support (financial or otherwise), you may want to consider coverage to pay for those expenses.
2. You have a part-time job
Many retirees continue to work a bit during retirement. Others stop working, then get bored and take part-time jobs. In both cases, they may come to rely on that income. If you fall into one of these situations (or think you could), you may want to protect your loved ones from the loss of that part-time income.
3. You owe money
If you’re still paying off loans (from mortgages, automobiles or even failed business ventures, for example), you may want to consider a term life insurance policy that will cover the period until the loans are paid off. Be sure you have just enough coverage to eliminate your debt.
4. You want to leave a legacy
Some people buy life insurance so they can leave money to charity. For example, instead of making small annual donations to your college, you might buy a life insurance policy with a value equivalent to those annual donations and make the charity the beneficiary.
5. Simple estate planning help
Proceeds from a life insurance policy can be an immediate source of cash for your heirs. It can give them the funds to settle your funeral expenses and pay any estate taxes due without having to sell assets such as property.
The financial advisors at Forward Investment Services can help you determine if you need life insurance. Contact a location near you today!
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