Life insurance is an additional type of expense which most of us desire to remove from our budgets. When Baby Boomers head towards retirement, they may feel that they can spend the rest of their life without the added expense of life insurance, but at that point of time they should choose an appropriate life insurance quote than avoiding it.
Why should I buy life insurance?
If you are having enough investment and pension portfolio and can afford to maintain after retirement with no one to rely on you financially – do you still need life insurance?. Of course. The main aim of Insure Whizz is to keep you informed about the benefits of a life insurance policy, and its costs by providing you life insurance quotes from where you can compare and choose the right one. Here are 6 reasons why people should make life insurance a part of their financial portfolio as they head towards retirement:
1. You kids and grand kids may need your support
The combined expenses to bring up a child to age 17 may be $650,000 or more. Grandparents provide the primary financial support for one out of 10 grand kids. In that case there is still a need for life insurance protection.
2. You are supporting your parents
Adult children supporting their parents who are 65 or older also require life insurance. 15% people of age 40 to 59 are providing support to their parents while still raising a young child or an adult child but for people of age 60 and older along with a living parent, 50% of the parents need help with day-to-day activities. In that case does the caregiver still need life insurance?. The answer is obviously “YES”.
3. Long term care costs
Many of us remain healthy during retirement but gradually become ill towards the end of our lives. Choosing an affordable life insurance quote can solve the problem.
4. Replacing income if family income is not self sufficient
The income benefits after retirement may also decreased if one of you pass away. In this case, the survivor will be bound to change their lifestyle. But choosing a suitable and affordable life insurance quote can solve the problem by converting the proceeds of the policy into a proper income.
5. Planning for estate
After your death, Life insurance becomes liquid immediately due to which the money which your family has to pay for your taxes becomes available easily.
6. Death and Burial
Life insurance also provides your family with the money thereby making it easier for your spouse to arrange for your funeral without suffering from financial insecurity.
Life insurance quotes provided by Insure Whizz is an estimate based on the information given by you to the insurance agent. The more accurate as well as detailed information you provide regarding your age, gender, weight, height, job, history of family health and medical condition, the nearer your quote will be to the final price. You can also review each life insurance quotes and click “Get A Quote” by choosing the suitable option.