So you’re nearing 60 and you’re not sure if you should maintain your life insurance. While it may seem like the right time to allow your coverage to lapse, here are 7 great reasons to maintain your coverage:
1. Outstanding Debt
The average American, no matter what their age, will carry debt at the time of their death. Life insurance benefits can be used to settle debt and relieve potential strain on surviving loved ones.
2. Final Expenses
The average funeral in the US now costs between $7,000 and $10,000. A life insurance policy can offset these costs, once again saving your family from financial burden.
You’ve worked your whole life to leave a legacy for your family. Unfortunately, estate and inheritance taxes can quickly deplete your estate and leave your family with little inheritance. A life insurance policy can help cover the cost of these taxes enabling you to leave behind the legacy you intended.
One of the greatest blessings in your life, your grandchildren, are the future of your family. These youngsters will face jaw dropping college tuition rates and healthcare costs later in life. Having life insurance protection in place will allow you to leave your grandchildren with the means to live the American dream.
5. Estate Disbursement
If you are attempting to divide your estate but cannot evenly distribute your assets, a life insurance policy may help make up the difference. This often occurs when a piece of property or business is left to a child. Rather than dividing the asset, the parent can instead name another child as the sole beneficiary of a life insurance policy.
6. Pension Replacement
If you and your spouse depend on a single pension, you face an uncertain future. If the spouse drawing upon their pension passes away first, the surviving spouse may no longer have that income. A life insurance policy can offset the loss of pension income.
7. Charitable Contributions
If you dream of one day leaving a donation to your church or favorite educational institution, a life insurance policy can make that dream a reality.
There you have it; seven great reasons to maintain your life insurance beyond the age of 60. Not sure if your current policy suits your needs? Compare life insurance rates today! At IntelliQuote, we work with the industry’s top rated carriers to bring you side-by-side comparisons of the most competitive life insurance rates on the market today. Request your quote today!
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