For Mark Roberts’ Use: Throughout your career and while you were raising a family, you understood that life insurance was essential to protecting your loved ones. But now, with your children grown, you might be wondering whether you still need life insurance. But don’t drop that policy just yet! Consider the following reasons for hanging onto it (or upgrading to a better one).

Your spouse still needs protection. Statistically, those who are widowed at age 55 or older are more likely to live in poverty than married people of the same age. Your Social Security survivor benefits probably won’t cover your spouse’s living expenses, especially if you still have a mortgage and other debts.

Protect your estate. Toward the end of your life, you could incur enormous medical expenses. Additionally, the cost of settling your estate could be significant. It’s impossible to predict exactly how much money, if any, would be left over once the bills are paid. Life insurance benefits are paid quickly, and are not subject to federal income taxes, and your beneficiaries would no doubt appreciate the financial relief at this difficult time.

Just because a term life insurance policy is expiring, doesn’t mean you have to lose coverage. You originally purchased a term policy because it provided ample coverage, for a specific period of time, in exchange for a low premium. But when the policy expires, the coverage is gone. Before that happens, investigate whether you can extend the length of the policy or convert it into a permanent life insurance plan.

Premiums for permanent life insurance policies can vary greatly based upon age, health status, and many other factors. Depending on your situation, this type of insurance might or might not be right for you. But it is a decision that must be made in advance of your policy expiring, one way or another. Give us a call, and we can help you decide how to best protect your spouse and your estate as your term life insurance policy comes to an end.