A. Today, people in their 50s and beyond face a variety of circumstances and have different reasons for buying life insurance. So ask yourself, if you were to suddenly die, what do you want your life insurance to do for your loved ones? Do you want it to:
- Replace your income for the next 10, 15, or 20 years?
- Provide protection for your family just until you would begin taking your Social Security?
- Cover outstanding debts such as your mortgage?
- Leave a legacy for your children and/or grandchildren?
Estate planning
Life insurance can be an ideal way to cover estate taxes and other needs upon your death.
Leaving a legacy
Leave an organization, charity, or an individual a cash gift so that they can continue their good work long after you are gone.
Caring for a special needs adult child/grandchild
A life insurance policy can be the ideal way to help ensure that a special needs child or grandchild will continue to afford the quality care that they need.
Business continuation
Keep your business in the family by providing your loved ones with the money they'll need to cover any outstanding business obligations and expenses.
The important thing about buying a life insurance policy in your 50s is to match your coverage with your needs. For example, if you have little or no debt and a healthy savings account, you may only need income replacement until you retire - for the short term. For some, that could mean a 10 or 15-year term policy. On the other hand, if you don't see yourself retiring in the foreseeable future and are still paying on your mortgage, then something more long term may be a better way to go. In this case, you may need a more permanent life insurance solution such as whole or universal life.
Still not sure? Contact us so we can help you figure out the best solution for your needs.