TUESDAY, OCTOBER 19, 2021
Life insurance provides a wide range of benefits for individuals throughout their lifetime. When you are younger, it’s an incredibly valuable investment because it helps ensure your loved ones have the financial means to live the lifestyle they are used to even if you are no longer there to help them. If you carry debt, life insurance is also valuable because it can help to pay off those debts. But, what happens as you get older? As an empty nester, do you need to keep these policies in place?
There are many instances in which you should consider maintaining life insurance. Here are some examples.
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Cover Debt: One of the times when it makes sense to maintain life insurance is when you still have a significant amount of debt. This may be a mortgage, significant credit card debt or other loans. Most homeowners will need to maintain this coverage until their home is paid off.
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Meet Blackout Periods: In some situations, the biggest risk comes when a spouse dies during that blackout period between when the kids are grown and gone and before he or she qualifies for Social Security. Often times, it’s best to maintain insurance to meet financial needs during this period of time.
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Supplement the Cost of Living: Many Americans face financial risk even when they are receiving Social Security. The funds you get during this time may not be enough to live your current lifestyle. Life insurance policies can help cover those costs and safeguard your loved ones if necessary.
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Fund Your Estate: Life insurance is an excellent way for you to leave behind funds to meet your estate goals. For example, you may want your policy to cover your grandchild's college expenses. You may want the funds to be in place to go to your heirs for other needs.
Life insurance is not something to consider just when you have children or other dependents. There are many instances in which maintaining these policies throughout your lifetime is beneficial. If you are unsure, talk to your financial advisor or your insurance agent about the options and your specific needs.
We’ll help you find the right policy. Call Prairieland Insurance Group, LLC at 217-352-9000 for more information on life insurance.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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