You thought you were done with all of that at this point? You might be eligible for life insurance if your spouse has a difficult mortgage to pay off, or if you have grown children that you support long-term.
Second, people are living longer and more active. Retirement is less about sacrificing work for pleasure at 65. 44% of workers envision retiring at 65, then transitioning to part-time or entrepreneurship, and continuing their careers beyond that.
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Financial concerns are perhaps the third reason that retirement is different today than it was in the past. Boomers are entering retirement with greater debt and more dependents than ever. The median household debt of households headed by a 65-year-old or older person was 4.5 times greater than it was in 1989. 59% of Boomers are parents, and they report that they financially support their children between the ages of 18 and 39. This is due to factors like college costs, student loans, and a difficult job market for recent graduates.
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Life insurance for those over 50
The good news about life insurance is that it is now more affordable and available than ever. There are options available for people as young as 80 and those with different health conditions.
It is crucial to decide whether permanent or term life insurance is best suited for your needs when choosing coverage.
Term insurance can be used when you have a temporary coverage need. It covers anything from 5 to 30 years. If you have a few years remaining on your mortgage, you want to ensure that your loved ones aren’t left with the burden of paying off the house. A 10-year or 15-year term policy could be the best option to meet your needs.
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If you have a longer-term goal, such as. A permanent insurance policy like universal or whole life could be better if you have a more long-term goal, such as leaving something for your heirs or making sure money is available to care for a child with special needs. Permanent insurance, as the name implies, is designed to last for your entire life. It will eventually pay a death benefit if you continue paying the premiums.
There are many options available to you.
It is important to review the policy details when considering permanent life insurance. This will allow you to see the benefits and costs that are assured versus those that depend on the insurer’s dividends or asset returns. These types of unexpected events can prove to be devastating financially if you are living on a fixed income.
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Many permanent life insurance policies also offer optional riders that allow you to customize the coverage to meet your specific needs. If you don’t have long-term insurance, you might consider adding a long-term-care rider to your policy that will allow you to use some or all of your death benefit for nursing home expenses.