There can be a number of reasons, as a senior, you should consider purchasing life insurance.
Social Security Equalize. Husband and wife both are receiving Social Security retirement benefits. Husband’s monthly income is $2,100 wife’s monthly income is $2,400. Combined monthly income of $4,500 or $54,000 per year. Wife dies, husband’s social security could increase to $2,400 per month (difference in their monthly income of $300 would be added to his account). Husband dies, there would not be an increase in the wife’s benefit because hers was higher already. Either situation dramatically lowers the household income for the survivor. (Check with Social Security to confirm)
Senior Debt. The average senior American dies with more than $61,000 in unpaid bills. It’s likely you will die in debt. Nearly three-quarters of Americans leave outstanding debt when they die, according to a 2017 study from Credit.com, using data from credit bureau Experian. The average amount of debt at death is $61,554.
Life Insurance After Retirement. Many people depend on their group life insurance to help fund their family needs if they die. In most situations, when your retire, your group life insurance is terminated. In many cases the life insurance can be converted to an individual policy with that group carrier. Life insurance is based on your age when you purchase – getting coverage before you retire might prove to be less expensive and a smaller drain on your retirement income.
Family Needs.Financial protection for a disabled member of your family. Life insurance offers a means for you to provide for the medical and living costs associated with your family members disability after you are gone.
Charitable Giving. Final contribution to a charity/church that you have supported.
Financial Security. Simply providing “peace of mind” knowing that your survivors will help stop the worry of family members as to their future financial survival.
Estate Taxes. You may have “estate taxes” that could take a large portion of the inherited liquid asset.
Debit Relief. Paying the balance of a home mortgage or other financial obligations.
I think you get the point – there are a number of other reasons for purchasing life insurance after retirement. Many carriers will offer traditional term and whole life insurance even past the age of 75! We represent a number of insurance carriers and can search for the best plans to fit your needs!
If you are interested in additional information please email or call me and we can discuss!