Imagine the following hypothetical. You’ve worked long enough to see your children grow up, you’ve reached retirement age, and you’re even considering making a move to an assisted living facility in Lakewood. Think it’s too late for you to consider buying life insurance?
While you might think you no longer need insurance since you’ve made it this far through life without it, there are some compelling factors that might just change your mind. Read on, as we discuss some of the reasons that seniors should consider the benefits and take a look at a few of the best companies that sell life insurance policies to older adults.
Why Life Insurance Might Be The Right Call
The first thing to keep in mind when considering life insurance as a senior is that the policy isn’t really for you. Sure, it will be in your name, but its true purpose is to help your beneficiaries in the event of your passing. If you have loved ones who will be financially impacted by your passing, then it’s worth it to at least consider life insurance. Here are some questions you should ask yourself to determine if you should start researching policies:
- Do you still have an outside income? Remember that one of the functions of life insurance is to help replace lost income in the event of your passing. If you have an income that others are relying on, life insurance may well come in handy.
- Are you still paying off debts? While many seniors are living debt free, an increasing number are not, and having life insurance policy is a prudent “just in case” measure to have so that you’re prepared for every potential scenario.
- Is your immediate family self-sufficient? If you have children or a spouse who is still depending on you for income, as mentioned earlier, it might be a good idea to have a life insurance policy to keep them secure.
If you were on the fence before, answering those questions should provide you with greater insight on whether or not insurance is the right call at your age. If you decide to go ahead with finding a policy, you should also keep in mind that not all providers are equal in what they offer.
You’ll want to compare the top providers. While there’s definitely some room for discussion on which particular insurance companies occupy that mantle, the good news is that there are also plenty of resources you can use to make your comparisons and find what’s right for you.