As the golden years of retirement grow closer, you may begin to question whether or not to keep your life insurance policy. Although your children may no longer need your financial support, you may have other dependents like a spouse who rely on you financially. This is just one of the many reasons senior citizen life insurance is important.
If you’re still working, the primary use of life insurance as income replacement still holds trueOnce you retire and no longer have a steady income from working you want to make sure you are able to cover not only your everyday living expenses, like mortgage payments and credit card debit, but that you have money left over to enjoy life.
Even if you have money saved, make sure to take the time to calculate if it’s enough for your spouse to maintain the same standard of living after you’re gone. If it’s not, a life insurance policy can be extremely important.
Senior citizen life insurance can also help cover funeral expenses and any medical or hospital bills you incur before you pass away.
Try our life insurance calculator today to determine how much life insurance coverage you may need. Fill out the form below for a free life insurance quote today.