5 Benefits of Life Insurance After Age 50

Once children are grown, you may think you no longer need life insurance.  There are many reasons why having life insurance makes good financial sense after your 50th birthday.

To take advantage of the tax benefits.

Besides financially protecting your family, life insurance has an added benefit of carrying a number of tax advantages. Life insurance with a designated beneficiary is usually not subject to probate, which can last as long as two years. Family members have quicker access to the income necessary to pay for immediate expenses. Also, life insurance provides death benefits that are typically tax-free to your named beneficiaries, allowing heirs to receive the full value of your legacy.

To help protect a spouse's financial security.

Help your spouse pay essential bills, keep the family home

or afford healthcare. With life insurance, your spouse has the income needed to help maintain his or her standard of living. And, most importantly, spouses can be sure that they have planned for the future.

To pay for final expenses.

A funeral is the first big expense your family will encounter

after your death. If you haven’t planned ahead, this high

cost may cause a big financial strain on your family during an already stressful time. According to the National Association of Funeral Directors, funerals today can cost as much as $7,181 before cemetery costs1. And that price tag doesn’t include other costly final expenses, like estate taxes, legal fees, medical bills, debt and other unexpected costs. A life insurance policy can give your family quick access to the money they will need to pay for this immediate expense.

To leave a legacy.

Maybe a son dreams of buying his first home. Or a granddaughter wants nothing more than to go to college. Life insurance lets you be a part of your family’s future by helping support a family member’s dreams with a lasting gift.

To fund a cause that's close to heart

People may attach meaning to a national charity, religious organization, foundation or other cause that has special meaning. By naming a charity the beneficiary of a life insurance policy, you can help support an important cause, even after you’re gone.