Life insurance is a valuable and versatile financial planning tool. It can be used to protect loved ones from financial burden when someone dies, and it can also hold a cash value for unexpected bills or expenses.
For consumers in their 50s, life insurance may seem irrelevant, but the financial products remain beneficial. CMV Live reported that many consumers in their 50s are providing their children, who are in college or just starting out on their own, with financial assistance. Many of these young adults have struggled to find jobs because of the poor economy, and a life insurance product could be used to help them get on their feet.
Further, any property owned by a consumer when they are in their 50s typically has a high value. A life insurance product will make sure an existing spouse remains the owner of the property in the event of a death, the source reported.
If the life insurance is purchased by a 50 or older consumer for its cash value option, EQuick News recommends consumers look into a whole life insurance product. However, if the policyholder would prefer to use the product to only protect loved ones in the event of a death, a term policy offers lower premiums and death benefits.