Although you have saved and invested over the last 40 years to make sure you have enough assets to fund your retirement, the uncertainty of the financial market is just one reason you should consider the ways life insurance can be used to replace assets you’ve lost due to market volatility. Some people reach the age of 60 and think that because their children are grown and their mortgage is paid off, they no longer need life insurance.
Below, we give you 10 reasons people over the age of 60 should keep their life insurance policy:
- Your policy can be used to cover burial and death expenses
- Offset the retirement income for your spouse after you die
- Life insurance dividends can be a tax-free source of supplemental retirement income
- Policy funds can be used to buy out interests of a deceased business partner or co-shareholder
- Adds flexibility to your estate plan
- Unused funds from your life insurance policy can be used to give a gift to your grandchildren
- Life insurance is creditor proof in most states
- Cash surrender values can be used as a source of emergency funds
- Cash surrender values can be wholly or partially annuitized to provide additional guaranteed income
- Life insurance funds can be used to offset the loss of a key person in a small business
Atlanta Insurance Administrator
At Insurance Specialists, Inc., we know that life insurance is an important safety net for your loved ones, which is why we are here to walk you through all of your options to make sure you choose a policy that meets all of your needs. Contact us today to learn more about the many insurance policies we offer our clients.
Call (888) 451-0883 to schedule an appointment with our insurance administrators in Atlanta.