As we get older, our spending habits change and our relative need for insurance decreases to the point most seniors think “I don’t need life insurance.” However, in most cases, this is not the case. The truth is most seniors do need some form of life insurance.<\/p>\n
With all that being said, there are three main reasons to have life insurance.<\/p>\n
Final Expenses – Dying is not cheap, besides the funeral expenses there are many other expenses associated with death, for example: unpaid medical bills, probate, debts, etc. This can all be avoided with proper planning with your advisor.<\/p>\n
Estate Taxes – The more assets you have in your estate, the greater the potential there is that you will be paying estate taxes, Currently, assets over $1.5 million, are subject to a minimum of 37% to a maximum of 48% in estate taxes. Life insurance in an irrevocable life insurance trust, will keep it out of the estate and can provide the funds to pay for any estate taxes incurred.<\/p>\n
Note: When determining your estate value, include everything you own.<\/p>\n
Unwanted Lifestyle Changes- The loss of a loved one is a traumatic experience, under any circumstance. But, what if your spouse and family are also left without sufficient money to meet basic living needs, they will have to cope with a financial and a emotional crisis, at the same time.<\/p>\n
This can be a life-altering event. Without proper planning this could very well devastate a family and send them into a downward spiral of debt and no way to get back out.<\/p>\n
At the time of your death, what will happen to your spouse? Will he or she lose your pension? Will they be entitled to your social security benefit? How much income will they lose? Having Life insurance can be a way for them to get \u201cback on their feet\u201d.<\/p>\n
These are just three reasons for obtaining Life Insurance. There are many more. So, is the question: \u201cDo I need Life Insurance?\u201d or should it be \u201cWhy wouldn\u2019t I need life Insurance?\u201d Don\u2019t leave your spouse or family\u2019s financial obligations to haunt them. Make sure you are prepared.<\/p>\n","protected":false},"excerpt":{"rendered":"
Is It True? Do I Need Life Insurance? As we get older, our spending habits change and our relative need for insurance decreases to the point most seniors think “I don’t need life insurance.” However, in most cases, this is not the case. The truth is most seniors do need some form of life insurance. […]<\/p>\n","protected":false},"author":4,"featured_media":479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/posts\/478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/comments?post=478"}],"version-history":[{"count":1,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/posts\/478\/revisions"}],"predecessor-version":[{"id":480,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/posts\/478\/revisions\/480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/media\/479"}],"wp:attachment":[{"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/media?parent=478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/categories?post=478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foundmoneyconsultants.com\/index.php\/wp-json\/wp\/v2\/tags?post=478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}