Life Insurance Later in Life
People often buy Term Life Insurance to protect their spouse and young children. But what if the kids are grown? Or you're retiring? Do you ever outgrow the need to buy term life insurance? Buying a term life insurance policy isn't necessarily about your age or place in life. It's about peace of mind. Here are some things to consider.
Buy Term Life Insurance to Protect Your Spouse's Lifestyle
Buying term life insurance policy is a popular way to replace lost income and to ensure the future dreams of your loved ones. That doesn't really change, even if your kids are grown and you're retiring. If your spouse outlives you, is there enough money for him or her to live comfortably?
According to the latest Gallup Economy and Personal Finance poll, Americans' financial comfort is at its lowest level since the organization first began measuring it. According to the poll, 39% of Americans say they do not have enough savings to live comfortably.1 This doesn't even factor in losing the financial support of a loved one. Buying a Term Life Insurance policy to help ensure your spouse has enough to live comfortably could do wonders to help with peace of mind and tough financial realities.
Buy Term Life Insurance for Final Expenses
Even if you aren't looking for the most coverage or the best term life insurance, you're sure to want enough to cover final expenses. The National Funeral Directors' Association estimates the average cost of a funeral with vault to be $7,755 2. When buying a term life insurance policy, you might want to consider both funeral costs and potential final medical bills.
Buy Term Life Insurance to Protect a Business or Partnership
Do you own a business? Are you a partner in one? When buying a Term Life Insurance policy, consider any business ownership you might have. You may want to buy term life insurance and make the company the beneficiary. (Some people buy term life insurance as key person insurance, insuring a key person in their organization.)
If your business or partner would suffer financially from your premature death, you might consider buying a term life insurance policy to help ensure things run smoothly.
Buy Term Life Insurance for Legacy Reasons
Perhaps your children have left home or will be leaving soon. You might consider buying a term life insurance policy to help ensure they can fulfill their dreams. This might mean buying term life insurance to help pay for college or graduate school programs. Or to help pay for a wedding or down payment on a home. Some people buy term life insurance to help protect their grandchildren's future.
The Bottom Line? Buy Term Life Insurance to Ensure Peace of Mind
Perhaps your Term Life Insurance needs have changed. Maybe you don't need as much coverage as you did years ago. But chances are, you still need the peace of mind. Why not consider a shorter term policy?
You can get a free term life insurance quote for a shorter term and compare it to a policy you have or are considering buying. The goal is to get the best term life insurance for your situation. For many people, this means the right amount of coverage and peace of mind for the best term life insurance rates!
Request a free online term life insurance quote and a licensed life insurance agent will be in touch to go over all your options. This is the best way to make sure you get the best term life insurance policy for your needs and budget.
1. "U.S. Financial Comfort Falls to a New Low," Gallup Economy and Personal Finance Poll, April 2012. http://www.gallup.com/poll /154106/ Financial-Comfort- Falls-New-Low.aspx? cid=nlc-dailybrief- daily_news_brief-link25 -20120426
2. "2009 Funeral Costs," (the most recent information listed). National Funeral Directors Association, http://www.nfda.org/ about-funeral-service-/ trends-and-statistics. html