Posted: Aug 16 '11

Do I Need Life Insurance After I Turn 50?

Do I Need Life Insurance After I Turn 50?

Often the discussion comes up with clients, “how long will I need my life insurance?” 

Life insurance fills a different need at different times in our lives. 

At the younger ages life insurance will; (these are basic needs)

• Pay the mortgage off
• Pay off student loans
• Pay off business loans
• Provide for your wife
• Provide for the children
• Pay children’s education

Then as we get older some of the needs above are met by our incomes.  We work and pay off the mortgage, pay off our loans and set money aside for education and retirement.

Now life insurance starts to move into the next period of our lives to look after;

• Final expenses
• Charity and gifting
• Estate planning
• Final tax bills, leaving our net worth to the family

Why would anyone use life insurance for estate planning and paying final tax bills? 

This could have a long answer but the short answer is that it’s about 44% cheaper to use life insurance then it is to use savings, assets or a bank loan.

Everyone should have some permanent life insurance and it really doesn’t matter what age you start the permanent coverage the value will always be in your favor.  To request an article written on this topic by the Estate planning team at Manulife financial just request it on the quote form asking for the "Estate Preservation Client Profile." 

Life insurance provides cash at very difficult times in our lives no other tool can do it cheaper of better.

REQUEST YOUR INSURANCE QUOTE

About the Author - David Motkoski

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN