There are many needs for life insurance in today’s society. Life Insurance is not something that can be only purchased before the age of 40. Below are a few reasons why life insurance is necessary past your fifties.
Income replacement – Many of us are not fortunate enough to retire before the age of 65. Life Insurance will give you the necessary funds to insure your family has a source of income if you pass away.
Estate Planning – You may need to add liquidity to an estate filled with real estate or business holdings you may need the insurance to pay for estate taxes.
An Inheritance – Life Insurance is not a product for you this is designed to leave money for you family.
Business Insurance- This can be put in form of a trust to compensate loss of income due to business suffering due to a death.