Call Us (608) 845-7979 ☰ ˟
(608) 845-7979
Email Us
Logo
  • Home Page
  • Get A Quote
    • Business & CommercialImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Home
    • Auto
    • Health
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Renters
    • Workers Compensation Quote
  • Customer Service
    • Business & CommercialImage of right arrow
      • Business & Commercial Insurance
      • Add Driver to Existing Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request ID Card for Commercial Auto Policy
    • AutoImage of right arrow
      • Auto Insurance
      • Add Driver to Existing Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Request ID Card for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
    • Classic Auto
    • Cyber Liability
    • HomeImage of right arrow
      • Home Insurance
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Health
    • Life
    • MotorcycleImage of right arrow
      • Motorcycle Insurance
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
      • Request ID Card for Motorcycle Policy
    • Professional Liability
    • Renters
    • Workers Compensation
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Contact Us
Home > Blog > 16 Reasons for Life Insurance After 60
MONDAY, SEPTEMBER 12, 2022

16 Reasons for Life Insurance After 60

As you reach retirement age, you may realize that your ability to bring in income to help fund the rest of your and your spouse’s life is limited by both your age and health. Did you know that life insurance can provide additional support? While life insurance is generally thought of as a form of replacement income after the policyholder’s death, it can also act as an income buffer during retirement. 

If you don’t already have a life insurance policy, here are 16 reasons to buy it after age 60. older couples hanging out

  1. It can be used to pay for your funeral expenses, which can easily exceed $10,000. 
  2. Life insurance is often used to pay off outstanding debts, such as a mortgage or car loan. 
  3. Benefits can provide continued care for a disabled family member. 
  4. Your family can use benefits to pay estate and inheritance taxes. 
  5. As it’s known, life insurance allows you to leave a legacy behind for your children. 
  6. If your children’s property and business interests are distributed unevenly, life insurance provides a way to balance them. 
  7. Benefits can be used to offset the loss of your retirement income (pension maximization) so your spouse can maintain his or her lifestyle. 
  8. It provides funds that can enable you to buy out the interests of a deceased business partner. 
  9. It helps offset the loss of a key person within your small business. 
  10. You can choose to leave benefits to a charity of your choosing. 
  11. Dividends can provide a tax-free source of additional retirement income. 
  12. Funds beyond those you wish to leave to your children can be left to your grandchildren. 
  13. Benefits can collateralize loans. 
  14. Certain policies can offer a source of emergency funds while the policyholder lives. 
  15. You can gain additional income with a policy that distributes annuities in order to accrue cash value. 
  16. Life insurance benefits can replace assets that are lost in a volatile market. 

It’s never too late to purchase a life insurance policy—even if you’re nearing retirement age. Securing a policy can help you protect your future, so don’t delay any longer. Get your policy today.

Posted 7:19 PM

Tags: life insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Logo
Quick Links
Home Our Products Customer Service Report a Claim
About Us Refer A Friend Payment Options Blog Contact Us
Location
1001 Fourier Drive Suite 100
Madison, WI 53717



Phone: (608) 845-7979
Fax: (608) 845-9366
Social Social Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder