Do You Need Life Insurance After Age 65?

Many things have changed in your life by the time you reach the retirement age of 65. Most likely, your financial situation is much different than when you were 50, so your life insurance needs may also be different.

You may be wondering if you still need life insurance coverage, or if you never had it, if you need it now. Or even, what kind of life insurance to get - term or whole.

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Reasons To Get A Policy

First, you have to think about the reasons why you would need a life insurance policy after age 65. Do You Still Have a Mortgage If you still have a mortgage on your home, and the family does not have funds to pay it off if you die, then, it's probably a good idea to get life insurance coverage.

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Do You Have Debts and Financial Obligations?

If you still have many outstanding debts at age 65, it's best to think of ways your family will pay for them after you die.

Do you Have Children in College?

It's unlikely that you still have a son or daughter in college, but if you do, think about if your family has the financial means to continue to pay their college in case of your death.

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Does Your Spouse or Children Need Your Income?

By the time you are 65, most likely you have grown children that do not need your financial support any longer.

But, your spouse may not be self-sufficient and still needs your income to survive. In this case, you need life insurance coverage, so not to leave her/him in financial straits.

Covering Final Expenses

Some families don't have many investments or money in the bank, so when a family member dies, it's often difficult to even pay funeral and burial costs.

Getting a final expenses life insurance policy will cover some or all of the costs of a funeral, cremation or burial.

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Life Insurance As an Investment Instrument

Many retired individuals have a whole or permanent life insurance policy and use it as another investment option. These policies are great if you need to borrow against them and don't want to touch your 401K or IRA.

Using Life Insurance Proceeds To Pay Estate Taxes

If you are over sixty five and are a high-net worth individual, you may want to get a life insurance policy so your descendants can use it to pay estate taxes.

Because this is a complicated subject and exceptions apply, make sure to speak to a financial advisor or attorney specializing in estate planning.

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