- Life Insurance Would Help the Family – msp
If you didn’t get a chance to make progress on your life insurance situation in September, now may be a fine opportunity for that all important second chance. A yearly inspection of one’s end-of-life papers and financial plans is vital to seniors wanting to live out their life on purpose rather than by chance. There is still time as long as you are alive to maintain control over both your life and the experience of those around you after you are gone.
September is Life Insurance Month
An industry wide effort has gone into getting the word out about insurance in the month of September, a month set aside for that special purpose. For those who didn’t make progress on this issue, any month can serve as your personal life insurance month.
Considering that life insurance benefits are usually free of income tax, insurance can be considered an investment in the future. It can be used late in life to deal with terminal illnesses or as collateral for a loan without canceling the policy. Such advantages make life insurance proceeds attractive to many seniors.
In much the same way a senior citizen considers the lives and safety of those around by reducing or even stopping a senior’s driving or by encouraging a friend or spouse to do so, you may want to be thoughtful of others who will continue living after your demise.
Reasons for Seniors and Boomers to Get Life Insurance
Senior citizens joke about “spending their children’s inheritance” yet most do want to be responsible by not leaving a burden on those they love and care about. There are a number of very different reasons to be sure your life insurance is updated regularly:
- The obvious would be to leave an estate to a senior’s beloved children.
- Seniors may desire to help their grandchildren with school, or just to have a more secure financial situation.
- Most want to provide for their own funerals or cremation and pay bills or deal with debt so the family is not burdened with worries of that type when they are gone.
- Some parents may see a need to equalize a situation where they helped one child financially, and didn’t help another – extra insurance money to this offspring would help the parent die in peace.
- Boomers and seniors are often interested in providing for their grandchildren by a trust for use after the age of maturity.
- A few think of it as an automatic way to save for the future. Once started, folks usually continue so as to not lose their investment.
- Life insurance benefits usually don’t generate income taxes, so the proceeds go further in the budget of those left behind.
Seniors Make Life Insurance Choices for Whole Life or Term
The choices are many, and a number of seniors and Boomers will be smart to seek advice before making the final decisions. However, don’t let it get put off too long. It’s a little too easy to avoid realizing that death is a part of life and life insurance as well as other end of life choices are the actual last words heard from family and friends.
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One important consideration is budgetary. Be sure the monthly premium amount is not more than you can afford both now and in the future. One way to save on end of life expenses is to consider cremation. (Be sure to make your wishes known in writing to avoid conflict after you are gone.) Also, some life insurance policies have a critically ill component where it can help with medical or other expenses while alive.
If you missed Life Insurance Month in September, maybe this is a good time to look at your life insurance situation. Seniors and Boomers might want to consider reasons for updating or getting life insurance. There are lots of options and it is worth the time to shop around and listen to advice from various sources. In the long run, taking care of life insurance is a proactive step toward making one’s last words go toward expressing love and caring for those left behind.