You may be wondering if people really still need Life insurance once they reach their 50s, 60s, and beyond.

Even if you’re an empty-nester, here are some reasons why you might still need Life insurance:

• To support your surviving spouse or other family members. As long as you’re working, chances are good that your household depends on your income. With Term Life insurance, you can choose a plan that covers you at least until you plan to retire. After retirement, Life insurance proceeds can also help replace pension income that many not continue for a surviving spouse.
• To help support young adults, including those in college. Social security benefits for surviving children end when they graduate from high school, so if your children are not yet financially independent, Life insurance can help with living expenses like room and board, meals, etc.
• To help with business succession. If you own a business, Life insurance benefits can be used to maintain the business until a succession plan can be put into place.
• To pay final expenses. Regardless of age, you need a plan to cover final expenses. Today, the cost of a funeral can exceed $11,000, in addition to medical bills and other final expenses that could add significantly to the total.¹
• To leave an inheritance. If you simply want to leave some money for your children or a charity, Life insurance is an easy way to do so—and unlike many investments, Life insurance proceeds are tax free!
• To cover estate taxes. Proceeds can be used to cover estate taxes, which can erode a significant portion of a decedent’s assets. Without a plan to cover taxes, your heirs could be forced to liquidate a portion of that inheritance you plan to leave for them.

If you have people who rely on your income to survive or you simply want to leave a financial legacy for your heirs, Life insurance is probably for you. It’s not too late to get quality coverage at an attractive price. Term Life insurance is an efficient option for most people who need coverage for a specific financial purpose or for an intended duration.

¹ National Funeral Directors Association, nfda.org, 2022.
SMRU 1946826