There are many things to look forward to as you reach your fifties. Your children are most likely older or already grown, and you are most likely in better financial shape than you have ever been. If you’re over 50 and don’t have life insurance, it’s probably due to one of several factors. You may have had an expired term life insurance policy, coverage via an employer that terminated when you left or retired, or you may have never had life insurance coverage at all.
However, if you are in your 50s and have dependents on your income, increasing your life insurance policy may be the best option for you.
It’s also crucial to figure out how much death benefit you want to buy. A life insurance policy’s death benefit is the amount that will be paid out to your beneficiaries after you die. You might only need enough to cover your burial costs, or you might desire a policy that can provide an inheritance, pay off your mortgage, or fund the education of a child or grandchild.
A cash value benefit may be available if you purchase a permanent life insurance policy, such as whole life or universal life. A cash value benefit means that a portion of the premiums you pay is put into a savings account that you may be able to access while you are still living. It’s possible that you’ll be able to borrow your cash value without having to pay it back. While this will reduce the death benefit paid to your beneficiaries, it can provide a way to cover expenses without having to worry about payback.
