5 Reasons Why Every Senior Needs Life Insurance

Do I really need life insurance? You’ve worked hard to protect and provide for your family. But what will happen to them after you’re gone?  

Life insurance provides a way to protect your family from financial hardship after you’re gone. Financial hardship can come in many forms. However, there are five common challenges facing seniors today.  

Why Get Life Insurance? Here are 5 Major Reasons

Without an in-force senior life insurance policy you will likely be left exposed to one of the following:

#1 Pay Funeral & Burial Costs 

Though you may not want to talk about it, your funeral is inevitable. And this unavoidable cost is not cheap. According to the National Funeral Directors Association, the average cost of a funeral in 2018 was nearly $10,000!  

Trying to save thousands of dollars during retirement years to pay for your funeral expenses is no small task. Nearly 25 million Americans over age 65 live at or below the national poverty level. And millions more struggle financially every month to get by. In other words, This means there are tens of millions of senior Americans that will likely leave behind a financial burden to their families.

According to a recent Limra study, 83% of all American’s who own life insurance listed funeral expenses as the number one reason why they purchased their policy. 

#2 Medical Debt 

To highlight an even more daunting statistic, over 80% of American’s age 65 and above are living with at least one chronic health condition. And often more as they age. No one plans on getting a chronic illness, which is why those who do often get to the end of life with far less money than they initially expected. Medical bills, ongoing prescriptions, and the inability to produce income can make it near impossible to stick with a financial plan.

We all want to believe that we will pass quietly in the comfort of our own home. However, this is rarely the case. The harsh reality is that most of us will require some form of medical care in our final days, which can rack up last-minute bills that will need to be paid.

If you do not have adequate funds, your surviving loved ones will likely have to pick up the bill.

#3 Personal Debts such as Loans or Credit Cards

Credit cards have become a part of daily life for most of us. 

Did you know that 78% of individuals over age 50 have an active credit card? High-interest credit card debt can be challenging to pay off for those living on a limited budget. And sadly, many seniors die with active balances on their cards. While in some cases, these funds are forgiven. In many instances, the surviving family is left responsible for the high-interest balance on your cards.

#4 Mortgage Payments

Gone are the days where mortgages only belong to younger, working-age people. Today its quite common to have mortgage payments into your 60’s and 70’s. But what happens when you die? Will your spouse be able to afford the mortgage payments on their own?

We help many of our clients protect their spouse by coving mortgage payments through a life insurance policy. Our agents can help you secure a small life insurance policy to cover 12, 24, or more mortgage payments to give your surviving spouse time to decide on what to do next.

#5 Peace of Mind

Lastly, and most importantly, life insurance provides peace of mind for you and your family. Knowing that funds will be there when needed the most is of great comfort.

We all know life is unexpected; these unexpected and unforeseen events often derail even the best of financial plans. The right life insurance policy will protect your family from the uncertainties of tomorrow.   

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