Seniors Life Insurance

Do Retired People (Seniors) Still Need Life Insurance? is a US blog post but the life insurance questions it raises are universal.  The first is of course why would senior citizens need life insurance at all?  Well clearly seniors still have responsibilities.  Here are two of the topics discussed:

Funeral and other expenses can cost thousands of dollars today. The person who passed away could leave debts that need to be settled and assets that need to be handled. Family members may need to travel and to come up with thousands of dollars to settle all of these bills during a very sad and stressful time.

Many seniors may want to transfer their wealth to the next generation. A tax free way to transfer their wealth is by cashing in your life insurance policy and giving them the cash. Paying life insurance premiums, with the assurance that heirs can inherit the money, are an affordable way to plan for this.

Two links are given for further information on life insurance that will be useful for seniors:

• No Medical Exam Life Insurance helps in finding policies that do not require an insurance physical.
• Over 50s Life Insurance gives information on affordable life insurance after 50 years of age.

If you have not looked into your life insurance needs recently, perhaps today may be a good time to do so.

Footnote: If you are interested in books on Insurance, then why not visit the Insurance section of the Personal Finances Bookstore.

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