Is Life Insurance Worth it for Older Individuals?

Is Life Insurance Worth it for Older Individuals?

Do people over 50 really need life insurance?

As people age, they may start to question whether life insurance is worth it for them.  If your kids are grown and your mortgage is already paid off, then having the coverage offered by life insurance may seem unnecessary.  However, life insurance can still provide important protection that you should consider.  Here are some questions to ask yourself before deciding to cancel your life insurance policy.

Will my circumstances change?

While you might not need life insurance based on your current circumstances, you need to consider what will happen if your circumstances change.  For instance, what will happen if you suddenly become guardian to your grandchildren?  If such a situation happened, you would need life insurance to protect them from the financial burden of your death, and also to provide for them in the future.  Additionally, you should think about your spouse.  If they rely on a pension that expires with your death, then you will need to provide them with a means to be financially stable.  Life insurance can provide this financial stability.

What are the real savings?

If you are in a tough financial situation, you might see cancelling your life insurance policy as a great way to keep more money in your pocket.  However, keep in mind that any life insurance plan you get in the future will be much more expensive than maintaining your current policy.  Additionally, if you cancel your policy and suddenly die, your family’s financial situation could be devastating.  It’s generally safer and more cost effective to keep your life insurance to protect your family’s financial future.

These are just a few things to consider before you pull the plug on your life insurance.  If you need more assistance with your life insurance coverage, the professionals at VGW Walker Insurance can offer you service and advice you can trust.  Located in Texas, contact us for assistance with all your insurance needs.