3 Tips for Boomers and Life Insurance
Many boomers have a lot to think about especially when it comes to taking care of their loved ones once they pass on. This is not something to be taken lightly at all even though it may not be a pleasant thought. For example, if you and your spouse have a joint credit card and one of you passes away, the debt is still hanging over the spouse’s head and has to be paid.
Mortgage and car loans will be recovered from the estate and not written off. So a wife or husband could be left having to try and sell their spouse’s car or even the house they live in to try and zero out the debt they have together. This is all above and beyond funeral costs or medical bills that may be incurred.
Here are some tips to be certain you are on top of things:
Make sure your life insurance is structured to be most cost effective
Do some research, and speak to a professional. Make sure you know what products are out there and what best suits you. There may also be new insurance policies that are less expensive than the ones originally purchased. There may be an opportunity to restructure or trade in the old policy for a new one, and that could save you money.
Don’t keep life insurance just to leave a windfall for your loved ones
It is important to make sure your financial obligations are met day to day. Do not put yourself or your partner under financial stress with an eye toward a rainy day. “Making sure that your quality of life is safe and secure is important. Our philosophy has always been the sensible middle ground of investing.” says David Lerner Associates Vice President of Insurance Services, Dan Gardella. If you have enough to take care of all your needs, you have money saved, and have no debts perhaps life insurance is not necessary.
Make sure you have good health insurance as well as long-term care
Making sure that you can take care of yourself or your spouse should either of you get ill or need long-term care is more important than life insurance, as these things could either kill you or land you in serious debt.
You want to enjoy your life and the time you have. Making sure you are not burdened by worry or debt is the best way to go.
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