Life Insurance Needs For Empty Nesters/Retirees/Seniors

An Empty Nester, Retiree or Senior is someone over 55-years old, who no longer works and has no dependants left in the home. They are generally using a pension and relying on some retirement savings. They may or may not have kids, but those kids are adults who no longer need substantial financial support. Read on to learn more about life insurance for retirees and seniors.

Life Insurance for Seniors

What Insurance You Need:

  • One option you might want to explore is annuities, which are similar to a “do-it-yourself” pension plan.
  • If you have a disabled adult child, or other financial obligations such a mortgage, you may still need life insurance. Also, people are living longer, and if your spouse outlives you, you may want to insure they have the financial support to keep living the lifestyle you both worked so hard to achieve. Even at your age or with health conditions, you can still qualify for many types of life insurance.
  • If none of the above apply to you, you may not need life insurance at all.
  • Final Expense Insurance is also an option to look into and it is usual quite affordable. It generally only pays out limited amounts to cover final expenses and are not designed to provide ongoing living costs to dependants. (Note: your beneficiaries are free to use the benefit payout however they like, and are not locked into using it for funeral costs)
  • Long-term care insurance is also something to look into. It can be used for home care or facility care. Long term care is not part of the health act. For example, nursing homes are not covered by the government, and must be paid out of pocket.
  • Retirement often gives you the luxury of time to travel. It is worth looking into Personal Accident Insurance (PAI) on top of your travel insurance. PAI is also a great option if you no longer drive or carry car insurance, but want to make sure you are protected in the case of a car accident where you are a passenger, or if you are traveling by plane, train or boat.
  • For many people, they experience more health issues as they age. Health & Dental insurance will make sure you don’t need to spend your money on prescriptions or other health needs.

IN REVIEW, consider:

  • Looking into Annuities for retirement if you don’t have robust retirement savings
  • Life insurance, if you have outstanding debt, as well as any reduction in social security benefits your spouse my encounter. If those issues are not a concern, look into Final Expense Insurance instead.
  • Long term care insurance
  • Personal Accident Insurance
  • Health & Dental Insurance

Contact a Life Advisor

Other things to consider as an Empty Nesters/Retirees/Seniors:

  • Make sure your living wills and testaments are taken care of. AMA does not provide these services; however, AMA offers do-it-yourself will kits at our registries. We also suggest you talk to your lawyer.

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