You might think of life insurance as something only necessary for people with young families when premiums are more affordable and it’s needed to replace lost wages, but life insurance makes sense for those at any age, even those who have already retired.
Oneida Center for Rehabilitation and Nursing has a look at five ways that the right life insurance coverage can help retired people.
- Covering Final Expenses
Studies show that this is the No. 1 reason that retirees still buy life insurance—to ensure their final expenses are covered and not a burden to remaining family members. In fact, 84% of respondents to one survey said this is why they still carry life insurance as a senior.
- A Different Way to Give Back
Your life insurance premiums can be tax deductible if you make a charity the owner of a life insurance policy that pays out to the charity when you die. It’s a great way to give back while you’re here and also leave a legacy well after you are gone.
- In Place of a Pension’s Spouse Benefit
Instead of leaving a spouse benefit as part of a pension, you can choose to leave a life insurance policy in your spouse’s name, which will give you a greater monthly pension benefit while you are alive.
- Estate Planning
You can save some tax and probate issues by leaving a life insurance policy to surviving family members instead of traditional savings or other bank accounts.
- Expenses for Illnesses
Look for a life insurance policy that can also cover chronic illnesses and even help cover expenses for long-term care like assisted living or skilled nursing.
To learn more about Oneida Center for Rehabilitation and Nursing and all of the services they offer, visit https://oneida-falls-center.facilities.centershealthcare.org/.
