Are you underinsured for your circumstances?
As we journey through life, our insurance needs evolve, especially as we reach age 55 and beyond. One crucial policy is life insurance, which provides financial security for our loved ones in the event of our passing.
Shockingly, a Forbes survey revealed that a staggering 64% of Americans aged 58 and older lack life insurance. To ensure you aren't among the underinsured, follow these steps to assess if your life insurance coverage matches your current circumstances.
Evaluate Your Life Stage: If you've recently become empty nesters or retired, your financial responsibilities may have shifted, impacting the necessary coverage. Consider if your policy adequately reflects your current lifestyle and obligations.
Calculate Debt and Expenses: Outstanding debts and ongoing expenses, such as mortgages, loans, and healthcare costs, must be factored into your insurance coverage. Your life insurance should be sufficient to cover these financial obligations, relieving your family from potential burdens.
Assess Your Dependents' Needs: If you have dependents, their needs should be carefully considered. For instance, college tuition, living expenses, and other financial support must be accounted for to secure their future.
Account for Inflation: The cost of living steadily rises due to inflation. Your life insurance policy should be inflation-adjusted to retain its value over time and adequately provide for your beneficiaries.
Reevaluate Your Income Replacement: Life insurance often serves as income replacement for surviving family members. Ensure that the coverage is enough to maintain their standard of living and help achieve their financial goals.
Review Existing Policies: If you already have life insurance, take a closer look at the terms and benefits. Policy updates or additional coverage may be necessary to address any gaps.
Consider Long-Term Care Needs: As you age, the possibility of requiring long-term care increases. Some life insurance policies offer riders that cover long-term care expenses, providing an extra layer of protection.
Work with a Trusted, Licensed Insurance Agent: Identifying whether you are underinsured can be a complex process. Consulting with a knowledgeable insurance agent who specializes in serving clients aged 55 and above can guide you through the assessment and help you choose the most suitable coverage.
Making sure that you have adequate life insurance is vital for protecting your loved ones and their financial future. By evaluating your current circumstances and working alongside a licensed insurance agent, you can be confident that your life insurance coverage aligns with your needs.
Don't leave the financial security of your family to chance—take charge of your insurance today.
- Self-care tips for December
- Mastering the Mind: Techniques for Better Memory and Cognitive Function
- The Art of Productive Procrastination: How to Make the Most of Downtime
- Eating for Energy: Foods that Boost Your Stamina and Productivity
- How to enjoy and celebrate chilly, gloomy days
- Thriving in Your Golden Years: Strategies for Aging Gracefully and Vibrantly
- Best Dog Breeds that Suit Your Needs
- Reduce Stress: Develop Patience
- DIY Delights: Creative Projects for Seniors
- Coping with Seasonal Affective Disorder (SAD)
- Long-term Health Benefits of Physical Activity
- How to Trim Down Hidden Costs of Flying
- Best foods for hydration
- How to Experience Positive Aging (8 Tips)
- How to Improve Your Health: The 5 Main Aspects of Wellness
- How much should you actually have in savings?
- Are you underinsured for your circumstances?
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The Body After 60: Overcoming Barriers to Exercise
- The best herbs to grow for beginners
- Foods you had no idea you could freeze
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- What’s Keeping You from Losing Weight?
- Music and Your Wellbeing
- Your NEW Social Security Statement
- How to Dispose of Unused Medications
- Smart Home Systems: Promoting a Comfortable Environment for Seniors
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here's what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Affordable Care Act Open Enrollment – Important Dates and What’s New
- Medicare’s Open Enrollment Period is Here!
- How to Prepare for the 2019 Medicare Annual Enrollment Period
- Medicare: The Difference Between AEP and OEP
- Is Plan F (Medicare) Going Away?
- How to Choose a Primary Physician
- How to Store Your Life Insurance Records
- Prepare a Health Care Package for Your College Student
- 5 Portion Control Tips
- What Does MACRA Mean for You?