Resourceful. Focused. Self-assured. Disciplined. Boy, you Baby Boomers sure have a lot of admirable qualities. If you were born in the years right after World War II (1946-1964) when the birth rate soared in massive numbers, then you are a part of this distinguished group. All 76 million of you have been through some of the country’s biggest political and social upheavals. You have seen the Civil Rights Movement, the Vietnam War, and a man walk on the moon.
Now you are headed toward what should be a quieter, more relaxed, and settled time in your lives. Some of you may already be retired while others are counting the years until retirement. Things are good. You have paid off your home, seen your kids graduate from college, and maybe have some grandkids.
Why, then, would life insurance be on your mind at this time? Since Baby Boomers are known for being thrifty and highly educated, there are some strong and compelling reasons why increasing or extending your life insurance coverage at this time is a safe bet. Let’s take a look at some of the reasons you may want to consider term or whole life insurance as you head into retirement.
Whether your nest egg is not what you thought it would be or your debt is more than you wanted while heading into retirement, a life insurance policy can help protect your loved ones. Think about any mounting medical debt or credit card debt that may be hurting these senior years. Life insurance can be a means of protecting your spouse if you are no longer there to help pay for expenses.
While no one really wants to think about the end, the cost will still be waiting there when it happens, regardless. A funeral can cost several thousand dollars that many times has not been saved for or put aside in a will. A life insurance policy can help pay for those final expenses. This can alleviate the burden of payment at a time when there is already enough sadness.
Long-Term Care Expenses
In the case that you or a loved one needs long-term care in your senior years, life insurance can help buffer the costs. For example, a whole life policy can be borrowed against to provide care when needed.
Something to Pass On
Some Baby Boomers are considering what inheritance they would like to pass on to their children or grandchildren to pay for college or a home. Life insurance can be a way to leave something for your loved ones.
While you may not be a youngster anymore, you may understand that life insurance is not just for the young. Baby Boomers can benefit even as they are headed toward retirement. Talk to our agents about which policy may be right for your specific circumstances. We are happy to help. Call Phil Richard Insurance at 978-774-4338.