Here’s why life insurance is still important for people over 50.
If you are over 50, you might think that life insurance is no longer necessary. However, even if your kids are grown and even if you’ve already paid off your mortgage, there are still benefits to having a life insurance policy. Before cancelling your policy, make sure you think about these considerations.
1) Will my family be financially stable?
Life insurance is more for your family than it is for you. That’s why it’s important to consider your family’s financial situation before you think about cancelling your policy. When you die, there will be significant expenses that your family will have to take care of. Life insurance would cover these costs and can also provide an extra financial cushion for your family to fall back on. If you think of life insurance as a means of comfort, then you might find that it’s a worthwhile investment for your family.
2) What if my circumstances change?
While you might not see a need for life insurance now, your circumstances could always change. For instance, you could become legal guardian to your grandchildren. If this happened, then you would need life insurance to provide them with financial stability in the case of your sudden death. Something else to consider is the possibility of you dying after a prolonged illness. If this scenario happened, then your family’s financial resources might be depleted by your medical costs. In this case, your life insurance could provide your loved ones with a bit of financial help to get by.
3) Is this my only savings options?
If you are in a tough financial situation, then cancelling your life insurance might seem like an attractive solution. However, there are other things you can do to save some money. For instance, you can talk to your insurance provider and request a reduced rate in exchange for less coverage until your financial situation improves. Another thing to look at is the amount of coverage you have. For instance, if you and your spouse each have your own policy, you might save money by switching to a joint policy.
These are just a few of the things you should consider before cancelling your life insurance policy. If you have questions or need help with your policy, then turn to the experts at Patterson & Associates Insurance. Our dedicated team is eager to offer you advice that you can trust. Contact us to get started today.