People reaching their golden years and facing retirement may be starting to consider purchasing over 65 life insurance. Over 65 life insurance is becoming one of the fast evolving demographics throughout the life insurance industry. This is due to the amount of people daily who are reaching this age bracket, and still have a significant need for life insurance protection.
The fact of people needing over 65 life insurance goes against most peoples thoughts about life insurance. Many people have thought you only need life insurance when you have children or are in your primary earning years.
This thinking couldn’t be further than the truth, with the new reality being people still need over 65 life insurance. This is due to many of the factors which this post will discuss. However, with this being such a growing demographic, it’s important you understand which product will best suit your needs. Many policies can be confusing, but we recommend never purchasing a life insurance policy unless you completely understand how it will work not only when you pass away, but also when you are living.
As I mentioned, over 65 life insurance is growing in popularity as people begin to realize their life insurance needs do not end at retirement. Much of this is due to the longevity people are not experiencing. As people live longer, they continue to take on additional financial responsibilities later in life. First of all, many people are working past 65 either for financial reasons, or just because they enjoy what they do. Either way, if you are still working it is crucial to have life insurance to provide the protection of your income to your loved ones.
One of the primary purchases people make in their life is their home. People are often advised not to take on a mortgage in retirement, but not everyone adheres to this financial principle. The reality is, many people are still paying their primary mortgage and have also taken on a second mortgage for a secondary residence. If you have a mortgage in which someone else relies on part of your money to finance then it is a must for you to have life insurance. A mortgage is one of the main reasons why someone would want to consider over 65 life insurance.
When most people think of retirement they don’t necessarily think about life insurance. More often people think about retirement savings, distributions, and not about protection needs. However, life insurance should not be overlooked during your retirement years. When you retire, most people will quickly notice they lose many of the benefits which they have always had through the workplace. One of the most common benefits to lose is life insurance. If you still have a need for life insurance, you will now need to purchase a personal life insurance policy, which you can own.
Another technique which people can use for over 65 life insurance in retirement is to help protect a pension. If you have a loved one, and pension which will cease in the event of your death, it is smart to have a life insurance policy which will fill the void if you are not around. We can you do the calculations to see how much life insurance would be necessary to help protect the pension you have worked your entire life to earn.
As the market for over 65 life insurance grows, as does the amount of options available in the marketplace. Many options still exist for you from term life insurance to permanent life insurance. Before you decide what coverage is best for you, we suggest going through a complete life insurance needs analysis. This will give you a good idea of how much coverage you actually need, and then we can develop a plan on how long of a duration we need.
The second aspect of deciding what type of policy to go with is the budget you are currently working with. If you are looking for over 65 life insurance this is especially important because you are most likely working with a fixed income. You need to make sure you can afford your life insurance policy for the long run or it doesn’t do anyone but the insurance company any good.
To begin your search for life insurance quotes we are happy to provide you with our online life insurance quoting tool. Through this tool you can view life insurance quotes from multiple carriers, and compare what is best for your specific situation. If you would like to receive a more personalized quote our experienced agents will be happy to help you.