Do You Still Need Life Insurance?
Are you close to retirement or maybe you already are retired? Are you wondering if you still need life insurance? Well, it all depends. Maybe you still have dependents or financial obligations, such as the mortgage on a home or second home.
If you died today, could your family handle these obligations?
Would your family have to make drastic lifestyle changes to make ends meet?
Your death could reduce the Social Security benefits they’d been counting on. It could also bring unplanned medical and funeral expenses.
Life insurance can preserve the retirement plan you worked years to develop and help ensure that your estate will be passed on to your survivors. A policy’s death benefit can help cover any possible estate tax bill and provide a legacy for your children and grandchildren, even if you use up most of your assets during your lifetime. For all these reasons, if you’ve been thinking about dropping your life insurance coverage, you may want to think again.
Worried that you no longer qualify due to your age or health conditions you may have. That’s not necessarily the case. Final expense insurance is a form of life insurance that requires little or no underwriting, which means almost anyone can qualify. Policies are available ranging from several thousand dollars up to $75,000—much less than a standard life insurance policy. That’s because these policies are only intended to cover final expenses and not longer-range expenses like ongoing living costs or college and retirement funding.
Types of Final Expense Policies
Final expense insurance typically comes in two varieties. Immediate full benefit policies, which pay the full face value when you die, are generally available to people with no serious health concerns. Graded benefit policies provide limited benefits during the first few years and are available to people with serious health concerns.
These policies provide peace of mind of knowing that your survivors won’t struggle to pay for your funeral or have to pay any outstanding medical bills and other debts.
Think this is something that would fit your needs? Give us a call and let’s discuss your life insurance options.