If you have retired, you may find yourself wondering if you need life insurance after 65. Life insurance can have many benefits and provide financial security at any age, but you may wish to adjust your coverage.
It is easy to see the benefits of life insurance when you have student loans or a hefty mortgage, but even if your mortgage is cleared, it can provide a safety net for you and your family. You can be safe in the knowledge that your family will be taken care of when you’re not around to help them.
Clearing your mortgage is no longer a guaranteed step by the time you hit retirement. In fact, it delays retirement for many. If you still have an outstanding mortgage, no matter how small, life insurance can make sure your family is left an asset, not an obligation.
You can use life insurance to clear other debts too, whether this is a car loan, secured loan, or outstanding credit card debt. Life insurance after 65 doesn’t have to be about big-ticket purchases. It’s about making it work for your circumstances and the ones you leave behind.
A younger partner
If your partner or spouse is younger or healthier than you, life insurance after 65 can help bridge the gap if your pension is no longer available to them. By leaving a lump sum, your partner or spouse can maintain their current standard of living long after you are gone.
Helping your children, however grown-up they may be
Whether you have young children still at home or a grown-up family with children of their own, parents will always want the best for their kids. Life insurance can be used to give a lump sum to your children as a parting gift or extra financial support.
If you have sizeable assets to pass on to your loved ones, you can estimate the estate taxes that will become due and use your life insurance coverage to ensure your assets get passed on in full. Not only will this increase the value of what you pass on, but it will also remove additional stress from the estate arrangements and give clarity to your beneficiaries.
Can you get life insurance over 65?
Many Canadians have a life insurance policy in place throughout their adult life, but if you are now over 65 and don’t have an existing policy, you can still get one. Standard life insurance policies may be off the cards if you have existing health conditions, products such as no medical life insurance are designed to give you a fixed rate throughout your policy with no medical exam needed. Life insurance over 65 can be easily arranged in one quick phone call.
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