Many people carry life insurance when they are young, the idea being that if they should die unexpectedly, a policy can provide for their spouse or partner and minor children. But what about life insurance when you are in your senior years when all the children are grown? Asset Planning Insurance Agency, LLC, serving Johnstown, PA, would like to explain.
When a person dies, he or she not only leaves behind grieving loved ones but also final expenses. These expenses include things like taking care of the funeral, retiring credit card debt, home mortgage, and likely medical costs. A good life insurance policy will take care of all of those debts, relieving your heirs of having to worry about them.
A life insurance policy can also be an excellent way to leave a little extra money to your spouse, partner, business partner, or grown children. Depending on applicable state law, proceeds from an insurance policy are not subject to the estate or death tax.
For your spouse or partner, proceeds from a life insurance policy will provide a little bit of extra financial security. If you have a business partner, the policy can make sure that the enterprise you spent many years growing will survive your death. Your kids will have a little something to remember the love and regard you have for them over and beyond pleasant memories. They may have children of their own with college and other expenses for which a life insurance policy payout would be of considerable help.
When you have a life insurance policy in your senior years, you are providing your loved ones some peace of mind. For more questions on life insurance and what it can do for you and your family, contact Asset Planning Insurance Agency, LLC, serving Johnstown, PA.