Because life insurance policies are written to protect the beneficiaries from the loss of the insured’s income and provide financial stability to minor dependants, these policies frequently cover the insured only to the age of retirement. However, times have changed the circumstances of many seniors, and the advantages of life insurance after age 65 are many and worth exploring.
Many Seniors Are Working Past Retirement Age
Many older workers are in good health and choose to continue in their careers well past retirement age. Others retire, and take on part-time jobs to provide extra income for vacations and other activities without draining their retirement income. Seniors are living longer and enjoying many activities well into their 70s and 80s. The increase in good health and lifestyle older people are enjoying is an excellent reason to carry additional life insurance.
Many widowed or divorced seniors are entering new marriages and can benefit from additional life insurance for the new spouse. A separate policy for the new spouse protects the interest of children and grandchildren named as beneficiaries in the original life insurance policy. Additionally, a separate policy protects family members’ feelings and keeps the family relationship safe. Keeping their families secure and happy is important to the newlyweds.
Original Policy Doesn’t Meet Today’s Needs
Many seniors purchased their life insurance policies when they were young and thought the policy amount was adequate for their intended age of retirement. The cost of living has increased dramatically in the last 25 years, and many people reaching retirement age are realizing they don’t have sufficient life insurance to pay off bills and provide comfortably for their spouse. Additional life insurance fills the gap and ensures loved ones can maintain their home and lifestyle.
Policy Options For Seniors
Many companies specialize in insurance for seniors. The availability of the Internet provides seniors with an avenue to explore the various companies when they want to buy life insurance. Policies, pricing, and options available for their age group are all important. Term life insurance as supplemental insurance is an option that can be used to pay off unexpected financial debt, while keeping the original life insurance policy available to protect the home and cover everyday living expenses for the spouse or dependent adult children.
Dependent Adult Children
The parents of disabled adult children frequently want to increase the amount of their life insurance to assure their disable adult child will receive excellent care and life’s necessities for the remainder of their life. Parents need the peace of mind that knowing their child will be cared for brings, as they approach the last years of their own lives. Sufficient life insurance will assist with the transition the disabled adult child will experience when they lose the security of their home and parents.
Seniors are wise to supplement their primary life insurance policy. Living expenses have increased, and there is good reason to think that trend will continue. To pay off bills and the cost of final expenses, supplemental insurance provides the solution for most seniors. The surviving spouse can then live on the benefits paid from the primary insurance. Peace of mind and knowing your loved ones are protected are the best reasons for purchasing supplemental life insurance.