Does life insurance in Hudson make sense for 50+ as part of personal finances?
Once you pass the age of 50, your life insurance needs may change. Perhaps the kids are all grown up and have left the house, and perhaps your mortgage is finally paid off. If so, you may be able to reduce or eliminate coverage. On the other hand, you may still need life insurance in Hudson to protect your assets.
Over-50s life insurance plans are one way of ensuring family members have some financial support when you pass away. It might be that if you died over the age of 50, your partner could still be several years away from retirement age, and may be dependent on an additional source of income that a policy could provide. Whether you have family members with youngsters or a sizeable mortgage, it’s important not to write off life insurance. Whatever your situation, you’re looking at two main options: term life insurance and whole life insurance.
Term Life Insurance
With a term policy, you buy life insurance for a fixed period of time, anywhere from one year up to 30 years. If you pass away during the listed term, life insurance will pay out a specified amount to the beneficiates listed on your policy. The exact sum depends on how much coverage you bought. Talk with your insurer about your term policy options as it may not be possible to secure term life insurance if you are over a certain age.
Whole Life Insurance
One major advantage of whole life insurance, which is also known as permanent insurance, is that it doesn’t expire. You have coverage for your entire life – as long as you pay the premiums. This is critical if you have financial commitments that won’t go away. Whole life insurance also has a savings feature that allows part of the money in your whole life policy to grow over time. You can then borrow against the cash value in a whole life policy while you’re alive.
It’s worth noting that newly issued life insurance policies can get costly once you hit 50. You’ll want to ensure that you lock in a low rate and reliable coverage before this time.
For reliable life insurance, contact the team at Lofgren Agency, serving Hudson and neighboring cities in New York!