Should Those Over 50 Invest in Life Insurance?
If you are over the age of 50, is life insurance still worth the investment?
Having the right life insurance in Orange, California is a great way to provide for and protect your loved ones. However, if you are over the age of 50, your kids have moved out, and your financial obligations have been fulfilled, then you might not see the value in keeping your life insurance. Before you decide to go ahead and cancel your policy, here are some of the reasons why life insurance might still be important for you.
Death Expenses
No matter how old you are, the cost of your funeral, burial, and other death expenses can place a significant financial burden on your loved ones. Today, death expenses can exceed $10,000 and these costs are continuing to increase every year. If you want to spare your loved ones from having to take care of your death expenses, then it’s important to have the right life insurance benefits in place.
Estate Taxes
Estate taxes are another concern for those over the age of 50. If you are subject to an estate tax at the time of your death, then this could cost your descendants up to 50% of their personal assets. Oftentimes, loved ones will be forced to liquidate their own assets in an attempt to pay off these taxes. If you want to help your loved ones preserve their assets, then it’s important that you have the right life insurance to address your estate taxes.
Income Replacement
When a retiree dies, their pension is usually cut off or reduced significantly. This can leave a surviving spouse without a means of income to live off of. Luckily, by having the right life insurance coverage in place, you can replace your lost pension or retirement income and ensure that your spouse can continue to live comfortably.
These are some of the reasons why over-50s life insurance might still be worth your investment. Do you have further questions regarding your life insurance in Orange, California? Then don’t hesitate to contact the experts at Remland Insurance. We are ready to get you the coverage that you need today.
