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Why You Need Life Insurance

Everyone should have life insurance, because you never know what could happen that

may leave your family distraught and searching for ways to handle the expenses left behind by your funeral and the loss of your income. The need for life assurance does not diminish as you get older, either. In fact, as a senior, life insurance is probably more necessary than ever to help your family cope.

If you've retired and you pass on, chances are your spouse is going to be living on a fixed income. Your children have children these days, and their money is stretched too. How is your family going to handle the final expenses you left behind? That's where insurance comes in. Especially if you were the working man of the family, when your income is gone your family isn't left with much for your funeral and any medical expenses you may have left behind. A great way to be sure that your family continues to be taken care of, even after you're gone, is life insurance for seniors.

The average cost of a funeral, not including the cemetery plot and burial, is over $6,000. Add in the cost of the plot and burial and you're probably close to $10,000. And if you have a costly illness or unpaid medical bills when you pass away, your family will also be left responsible for that. Especially if you have a terminal illness or costly medical care, they can easily be left with tens of thousands of dollars in debt after you're gone, on top of the pain of your loss.

To help your family cope with your loss and handle all the expenses left behind, you should carry a life policy that can cover all of your expected expenses upon your death, and maybe a little extra to help them out along the way. The fact is that a life assurance policy can help you plan for the unexpected, and maybe even transfer a little wealth to your family as well, and everyone would like to be able to leave something to their family when the time eventually comes that they pass on.

A life policy is an important asset for most seniors to have. About the only reason you shouldn't consider life insurance for seniors is if you're wealthy enough that your family never has anything to worry about in the foreseeable future, and unfortunately that is a slim percentage of us. Life policy proceeds can be used to handle the medical expenses you may leave behind, as well as your funeral costs and even to help pass along a little wealth to your family once you're gone.

We all want to leave a little something to our family after we pass away, and we'd rather it not be our debt. How much life coverage you may need will depend on your own personal situation, so it's best to talk to a professional and/or your financial advisor when choosing the right life insurance for seniors to best suit your needs.

by: Carina Smith
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