Life Insurance in your 50’s
Life Insurance in your 50’s
Once you’ve hit your 50’s, you may think that your need for life insurance is over. After all, your kids are grown and out of the house, and you have paid off your home and other major debts. But for many people, buying life insurance still makes good financial sense — particularly when you buy an affordable term life insurance policy.
There are many reasons why you should buy life insurance in your 50’s. If anyone depends on you financially, such as a spouse or a child, you can ensure that they’ll be provided for if you pass away. Death benefits from a life insurance policy can be used for anything, from funeral expenses to medical debt and daily living expenses. Even if you own your home outright and don’t have any debt, this money can mean the difference between your loved ones just scraping by and being able to live comfortably.
It can also be used to help your adult children get a good start in life — as a down payment on their first home, to pay off student loans or to fund a wedding. Ultimately, life insurance proceeds aren’t just for paying off debt. They can provide a financial cushion for your family so you can continue to provide for them even if you’re no longer with them.
For applicants under 55, term life insurance is surprisingly affordable. You could pay as little as $14 a month for $250,000 in coverage. Term life insurance works as a temporary insurance for a set period of time — usually 10, 20 or 30 years. You pay a low, fixed monthly premium during the policy term. If you die during the policy term, your beneficiaries will paid the policy amount; otherwise, the policy expires. It’s a straightforward, inexpensive way to safeguard your family’s financial future.
Find out how you can protect your loved ones with a term life insurance policy. Click your state below to compare now.
