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Life insurance for seniors may not seem like an immediately obvious need for a couple of reasons. The primary among older adults often skip insurance is because the child-rearing years and financial obligations for children have long since passed. Believe it or not, life insurance is a sound economic decision far into the empty nest years.
Tip 1. Life Insurance for Seniors Make Sense
There are several reasons to invest in a life insurance policy even if you are no longer actively parenting. Following are a few:
Tip 2. Financial Security is Important for Your Spouse, Too
Life insurance provides financial security for your spouse or partner when you are no longer there to carry the load or contribute financially. Obligations are not limited to final expenses; they must also include any outstanding medical, credit card and mortgage debt.
Tip 3. Life Insurance Leaves a Legacy
Many parents and grandparents are committed to leaving a financial legacy that sets heirs on firm footing. Life insurance can be an important part of helping heirs to secure their financial futures.
Tip 4. Life Insurance Preserves Net Worth
With careful planning, life insurance can be a strong shelter against taxes and fees that reduce assets accumulated over a lifetime of working. Return of premium life insurance is a particularly advantageous option here.