Here at Discovery Village At Naples, we want our residents to be well-protected against financial setbacks, which is why we recommend older adults invest in life insurance. While it’s true that life insurance policies cost higher the older you get, that should not discourage older adults from being more prepared for financial loss. Obtaining life insurance coverage can be helpful in paying for loss of income, medical expenses, funeral expenses, and more. Continue reading to find out more reasons why older adults should consider life insurance.
People Are Living Longer
Based on findings from the Social Security Administration, the average life expectancy for men is 84 years old while women are 87. This is an increase of over 20 years compared to the 1930s and may have resulted from modern medicine and higher hygiene standards. As society ages longer, it’s crucial for older adults to be more cautious of financial planning and the increasing cost of living. Therefore, life insurance provides security over these stresses.
Have Financial Back-up
For older adults, securing life insurance can protect them from emergencies later in life. Several circumstances like credit card debts, mortgage, and long-term care expenses are problems that can be easily eased by life insurance coverage. In some cases, older adults can even find themselves leaving behind a financial legacy that can be given to charities or inherited by their descendants.
Loss of Pension
Considering that both companies and the government have been reducing pension funding over the years, it’s all the more vital for older adults to safeguard themselves from financial ruin. In fact, the lack of pension funding has been blamed for the rising number of older adults filing for bankruptcy. By applying for life insurance, older adults can borrow from the cash value of their policy, as well as receive a payout if their spouse has passed away.
Good Investment
It can come as a surprise, but some life insurance options can be worthy investments. Specific insurance such as Universal Life and Whole Life not only provides cash value through a withdrawal or loan but also defer taxes. However, as these policies are complicated, it’s highly recommended to turn to a qualified professional to seek advice on which life insurance plan is suitable for your situation.
Never Too Late to Get Life Insurance
Even though most life insurance companies do not sell to people aged 75 years and above, some companies still provide short-term policies that are perfect for older adults. Short-term policies typically offer coverage for five to 10 years instead of 30. This is the case if you have not already applied for permanent life insurance such as Whole Life, which provides coverage for the rest of your life.
Connect with Discovery Village At Naples
To learn more about our independent living community, please feel free to contact Discovery Village At Naples by calling our Leasing & Sales office at 239-309-7756. We will be delighted to schedule a tour and provide more information on our exclusive lifestyle programs to make sure it suits you or your loved ones.
