Why Retirees Need Life Insurance

October 25, 2020

Blog

Finally reaching retirement is a huge accomplishment for many. You now have time to relax and do whatever your heart desires. Life Insurance isn’t a pleasant topic retiree’s are ecstatic to talk about, but it must be implemented. Life insurance coverage delivers financial stability to your loved ones when they need it most!

Debt in Elderly Households

Being able to retire does not mean that you have zero debt left to pay off. The percentage of elderly households that have debt INCREASED FROM 37.8% IN 1989 TO 61.1% IN 2016. More than half of elderly households have debt that will need to be paid off after passing away.

Thankfully life insurance covers those common debts such as:

  • Mortgages
  • College Loans
  • Cost of Living
  • Auto Loan Payments

Need More Convincing?

1) Part of your death benefit can be used for unexpected medical expenses or other needs in case you happen to develop a terminal illness.

2) The cash value can be used just in case an emergency that would typically place a financial strain on you occurs.

3) The U.S. Bureau of Labor Statistics says 13 million people age 65 and older will still be working by 2024. Your loved ones can utilize the insurance payout to replace your income after your passing.

4) Assets become much easier to divide amongst children from different marriages thanks to the life insurance policy.

 

Bob Oetting & Associates is here to help guide retirees through the process of choosing the right policy to ensure their loved ones are covered after death. Contact us or give us a call at 217-345-7063.


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