Chris Worby is a Trusted Regina financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management is committed to providing a high standard of financial and wealth management services to individuals, families and business owners in Regina. Worby Wealth Management listens and provides a personalized financial plan. In his latest Worby Wealth Blog Post, Chris Worby explains why you should consider Life Insurance Insurance if you are over 60.
Securing Your Legacy: The Importance of Life Insurance for Seniors Over 60
Life insurance is a crucial financial tool that provides security and peace of mind for individuals and their loved ones. While many people recognize the importance of life insurance at a younger age, seniors over 60 should not overlook its significance. This blog post will explore why life insurance remains relevant for seniors, discuss tailored options, and provide sample quotes to help you make informed decisions.
Why Life Insurance Matters for Seniors Over 60
- Financial Protection for Loved Ones
Life insurance is a financial safety net for your family and loved ones. For seniors over 60, this becomes even more critical, as it helps cover outstanding debts, funeral expenses, and other financial obligations. Without proper coverage, your loved ones might be burdened with these costs, potentially impacting their financial stability.
- Legacy and Inheritance Planning
Life insurance enables you to leave a lasting legacy for your heirs. Whether passing down assets, providing an inheritance, or donating to a charitable cause, having a life insurance policy allows you to shape your legacy and fulfill your wishes.
- Supplementing Retirement Income
Some life insurance policies offer a cash value component that accumulates over time. Seniors can use this cash value to supplement their retirement income, cover unexpected expenses, or fund other financial goals. It adds a layer of flexibility to your financial plan, providing additional resources when needed.
- Tax-efficient corporate transfer
In a corporate environment, life insurance triggers specific tax treatment that allows for tax-free funds to flow out of a corporation to remaining shareholders in the event of the death of a shareholding policyholder. For intergenerational wealth, life insurance provides a powerful tool by which to create a legacy out of the hard work of the founder or maintainer of a family corporation.
Tailored Life Insurance Options for Seniors Over 60
- Term Life Insurance
Term life insurance covers a specific period, such as 10, 20, or 30 years. While premiums are generally lower than permanent policies, term life insurance can offer seniors affordable protection for a set duration. It’s an excellent option for those who want coverage during their retirement years or until specific financial obligations are met.
What’s the cost?
Term 10yrs, $100,000 face amount for a 60-year-old female non-smoker:
$39.42/mo or $438/yr
- Whole Life Insurance
Whole life insurance offers coverage for the entire lifetime of the insured. It accumulates a cash value that grows over time and can be accessed or borrowed against. While premiums are higher than term life insurance, whole life provides lifelong coverage and a guaranteed death benefit.
What’s the cost?
Whole Life, $50,000 for 65-year-old male non-smoker:
– $179.72/mo or $2072.90/yr – paid up at age 81, cash values begin immediately.
Life insurance remains a crucial aspect of financial planning for seniors over 60. Whether you’re looking to protect your loved ones, leave a legacy, or supplement your retirement income, tailored options are available to meet your specific needs. Don’t overlook the importance of life insurance—investing in a policy today ensures that you and your family are financially secure tomorrow. If you are interested in discussing life insurance, contact me to set up a meeting to explore the best options based on your unique circumstances and goals.
Contact Worby Wealth Management Regina so we can review your insurance needs today.
The comments contained herein are a general discussion of specific issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances. This Blog was written, designed and produced by Chris Worby for the benefit of Chris Worby, a Financial Advisor at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc.