Life insurance is especially important for young families because the loss of a breadwinner can be devastating to them. If you had life insurance when you were in the young family stage of life and are now retired, you may be wondering whether you still need it.
Although your mortgage may be paid off and your children may no longer depend on you financially, a life insurance policy may still be worth the investment. Here are several reasons you may need life insurance in retirement:
A funeral can cost tens of thousands of dollars. By purchasing life insurance, you can provide your loved ones with the money they need to pay for your own funeral. This way, they can focus on grieving rather than worrying about the financial burden of a funeral.
Even though your children may be grown and no longer dependent on you financially, your spouse may still rely on you, especially if they require assisted living services. With life insurance benefits, your spouse can fund day-to-day living expenses and receive the care they need in their golden years in the event you pass away.
Social Security Supplementation
While social security checks can help you and your spouse with daily living expenses, they often provide far less money than you were earning pre-retirement. If you passed away, ask yourself whether your spouse would be able to live off of one social security check. Life insurance benefits would provide your spouse with supplemental income to a social security check.
If you own a large estate, your tax bill can cost thousands of dollars after your die. Life insurance benefits can ensure that your loved ones don’t have to dip into their savings accounts in order to pay your tax bill and protect your asset.
If you would like to give money to your children or grandchildren, you can maximize the amount you give them by investing in life insurance. You could give them $20,000 per year now or use that money to pay for life insurance premiums on life insurance that will pay them a much larger amount once you pass away.
Invest in No Exam Life Insurance
If you are a retiree and believe that life insurance could benefit you in some way, it is in your best interest to apply for no exam life insurance today through Simplified Life. You can get approved for up to $500,000 worth of coverage in 30-minutes or less and don’t have to go through the discomfort of a medical exam or blood work.