Life insurance can provide peace of mind for you and your loved ones
For many, getting to 50 years and over is a huge blessing. Maybe, you are mortgage-free, your children independent, and retirement plans already in place. But life is full of uncertainly and unexpected situations can cause a great deal of stress, often magnified by financial impacts. As we reach those later years, we should all consider how we can protect our families if something should happen to us. Firstly, having a valid will is essential. You might also wonder: do I really need life insurance in my 50s? The simple answer is a resounding, yes! Putting both aspects in place will provide you are your loved one’s peace of mind and can make potentially make very difficult situations slightly easier to cope
Here are six simple questions that will reveal why buying life insurance at this time is still a good idea.
Do you still have people depending on you?
You are probably saying to yourself; I stopped depending on my parents long ago in my youth days, so why should my children bother me at their age? Well, times have changed, and the economy is not sustainable as it used to back then. Until you are sure that your children are well established, chances are you still need to be there for them when they ask for support.
With over half of young adults aged 25 years and over still under their parents’ roof today, it is clear that they have to be included in the family’s financial plans. And purchasing life insurance is easily the best move you can make as a parent to protect your dependents should you pass away unexpectedly.
Do you have outstanding debts?
Nothing denies people a goodnight’s sleep than the pressure of outstanding debts. These could range from student loans, mortgages, medical bills, credit cards and auto loans to name just a few.
Without a well-structured repayment plan, these debts can take a huge toll on your retirement savings. Worse still, if you don’t clear them in your living days, your dependents may have to bear the liability upon your demise.
So why risk putting your loved ones in all that financial distress when you can take proactive measures by purchasing life insurance now?
If you have any outstanding debts and pass away, your family can use proceeds from your life cover to clear them.
Do you want a decent send-off?
Your family will already be struggling to come to terms with your loss. The last thing you want is to burden them further with funeral expenses like buying a casket, securing a burial plot, and hiring funeral services. These expenses may leave a big hole in your family’s finances, especially if they did not see the tragedy coming.
The good news is that if you had taken out a life cover, your family could use the lump-sum payout to plan and finance a decent and smooth send-off.
Do you want to leave a legacy?
Think about it; wouldn’t it be fantastic if you stuck in a lot of people’s memories long after you’re gone? But the problem is, most people want to be remembered after their demise, but they barely have any candid action plan that can make that feat a reality.
A life insurance policy is an excellent way to achieve that goal. Taking out the cover gives you the chance to impact your family’s lives or that of your community. How so?
Listing a charity as the beneficiary or educating your grandchildren with your policy’s payout leaves a legacy that will stay forever.
Don’t you want to leave more wealth behind?
It is common knowledge that the lack of job security has become a serious issue in recent years, especially for the younger generation.
So, if there is one gift you can give to your dependents, let it be securing their financial future after your demise. And what is an easier way to do that other than purchase a life insurance policy?
Are you aware of the increased life expectancy?
Enhanced healthcare provision and low infant mortality rates are two factors that have had a significant impact on increased life expectancy. Today, people clock 80-90 years so comfortably, unlike the 1950s, when reaching that far was deemed a miracle.
This has forced insurance providers to relax their standards and start selling life insurance to seniors as they are assured they will live a few more years longer. Also, there is the emergence of unique covers designed for the older population who may not qualify for the standard policies for various reasons.
Life insurance is not a preserve for the working population only. Senior citizens too face risks every often and deserve a fair share of financial protection. Have you tried any of the life cover options available for over 50s yet? If yes, what’s your experience so far?
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