If you are reaching your retirement years, you may be re-evaluating your outgoings. You really don’t want to be spending money on something you don’t need, so what about life insurance? Will you really need life insurance after you have retired, once you no longer have the responsibilities you once had?
On the other hand, maybe you have never had life insurance, and you are wondering if it’s a good idea to look into it now. To help you work out whether you need life insurance as a senior, take a look at the following questions.
Who relies on you?
One of the advantages of life insurance is that it can help to provide for loved ones you leave behind. If you have a partner who relies on you financially, life insurance could help to provide for them financially when you’re gone.
The same applies if you have young children in your care. They may not be your children, but they could be your grandchildren, or other family members you take care of. Or perhaps you have grown children with special needs. Life insurance could help to provide for them financially if something were to happen to you. Find out more about GIO funeral insurance at their official site & find out whats in it for you.
Do you have a mortgage?
Most people aim to have their mortgage paid off by the time they retire, however, these things don’t always go to plan. If you have a mortgage that still needs to be paid off, or perhaps you have a mortgage on an investment property, life insurance could help pay it off.
If you have any large debts, such as large personal loans or car loans, life insurance could help to cover these too.
Do you have your own business?
Even if you have reached retirement age, that doesn’t necessarily mean you are ready to retire. If your family relies on the income from your job, it’s important to think about how they would cope financially if that paycheck was no longer coming in.
If you run your own business, you have a responsibility to your employees and your business partners. Life insurance can also help to cover business-related costs if you choose the right policy.
Do you have money set aside for your funeral?
While it’s not something most people like to think about, funerals are unavoidable, and generally quite expensive. If you don’t have money set aside to pay for your funeral, your loved ones will have to cover the costs.
Life insurance can cover the costs associated with funeral arrangements, or alternatively, you could invest in funeral insurance, which offers specific cover for funerals.
Do you want to leave an inheritance?
Life insurance can offer a way to leave money to friends and family without the same tax implications of leaving them an inheritance in your will. Speak to a professional about this if you want to know more, as taxes vary according to circumstance and location.
If any of these situations apply to you, perhaps life insurance is for you. If you want to invest in life insurance, compare all your options, speak to your provider if you have questions, and read the terms and conditions in full.