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Life Insurance

Most people realize they need life insurance, but life insurance isn’t one-size-fits-all.

There are generally 5 main reasons individuals purchase life insurance over 50:

  1. Income replacement
  2. Funeral costs
  3. Outstanding debt
  4. Leave a legacy
  5. Cover long-term care costs

Senior life insurance is a bit different in that you aren’t planning for an unexpected death. Life insurance after retirement is more strategic, in that we’re planning for the end of life and making sure nothing slips through the cracks.

The type of policy we recommend to you along with the benefit amount is completely personalized to your life, your goals, and your budget.

Income replacement

If you have a loved one that relies on your income to survive, you need a life insurance policy that provides income replacement.

An agent can work with you to determine how much of a benefit you really need. From there, you can compare what you need to what you feel you can afford. Remember that some income replacement is better than no income replacement, so don’t feel discouraged if your dream policy seems out of reach.

Funeral costs

None of us know when our time will come, but end-of-life costs are probably more costly than you thought.

Your final expenses can include healthcare, burial services, legal fees, and much more.

You don’t want to stick your loved ones with any of these financial burdens, and a life insurance built around your expected costs can be a saving grace during a stressful, sad time.

Outstanding Debt

If you have a mortgage, car loan, or credit card debt, it’s important that you have a life insurance policy in place.

Your family will be overwhelmed and mournful after your passing, and the stress of unexpected debt will suddenly be their responsibility.

Make the already tumultuous time as peaceful as possible by taking care of your debt with a proper life insurance policy.

Leave a Legacy

Many life insurance owners purchase a plan to pass on a legacy to their loved ones or organizations they stand behind.

If you want to transfer wealth to your children and grandchildren, or you want to gift money to a charity or a church, a life insurance policy is a great way to do this.

Cover Long-Term Care Costs

Life insurance with a long-term care rider is a hybrid policy that allows you to pay for nursing home costs if you ever need to. If you don’t end up needing to cover extended care costs, the entire benefit amount will be paid upon your death.

This is a great option for people who want to ensure their policy pays someone at some point. With regular long-term care insurance, you pay into a policy not knowing if you’re ever actually going to go on claim. If you don’t end up in a long-term care facility, you paid all of that money for nothing.

The great thing about a life insurance policy with a long-term care rider is if you end up in a nursing home, you can borrow money from the policy to pay for it. If you don’t, your policy will pay your beneficiary the full amount when you pass.

These policies are generally more expensive, and the application process is more involved, but if you are lucky enough to be approved by the insurance carrier, this really is the best of both words.

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