subject: Why We Need Life Insurance For Seniors [print this page] Have you considered buying life insurance for seniors? Still weighing the pros and cons? There are quite a few things that life insurance can do for your family once you have passed on. Life insurance can leave you knowing that you have done all you can to be sure your family is taken care of. This will help you pass on peacefully, knowing that you have done everything you can before you pass away.
What About Your Mortgage?
If your house is not paid off, how will your spouse or family handle the mortgage payments? Adding a few hundred (or even thousands) dollars to their monthly bills is not fair, and may force them to sell a home that means a lot to them. They may have to sell their home, or your home. It could even force them to relocate. None of these things are anything you want to happen, but if you are not prepared, it could happen. If you have invested in life insurance, then you have taken a major step toward making sure that mortgage payment does not hamper anyone else. Your insurance can be used to make that payment, or even to pay off the house.
Income Replacement
If you are the only person making an income for your family, what are they going to do with you gone? You being gone will cause them enough pain, but along with your death, having to come up with another source of income will only add to their stress. Certain life insurance policies can pay out monthly, and if you buy the right policy you can have the monthly payment pay out the same, or more, than your current income. This will allow your spouse to continue the lifestyle they are used to, without the added stress of trying to find their own income.
Who is Paying Your Final Expenses?
Modern society has changed. Your children may not be quite ready to handle the added financial stress of your final expenses. Hospital stays, hospice, your funeral and other unforeseen but necessary expenses do not simply disappear because you are dead. Your family will be expected to pay your final expenses, regardless of their ability to do so. If you thought ahead and purchased life insurance for seniors, you can rest easy knowing that your final expenses will be taken care of.
What About an Estate?
Were you able to leave anything to your family? Your house and other personal property was probably left to your spouse. Maybe you would like to help your family achieve their dreams; starting a business, paying off their house, or even sending a child to college. With life insurance for seniors you can leave them the money to do these things with.
by: Katherine Smith
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