Your final years of working are essential to funding a comfortable retirement, but seniors’ life insurance has you covered if things go awry.
You are active, well-advanced on the mortgage, and making plans for the future. The kids? Well, they are off on their own exciting adventures of relationships, work, home ownership, and even kids of their own.
Your final years working are about ensuring that you have the retirement savings and finances in place to fund a retirement that is about living, and not just surviving.
But if you suffer a serious setback like a terminal illness diagnosis, life insurance is one way to make sure your plans do not go by the wayside and that your partner and their lifestyle is protected.
Seniors Life Insurance
Empty Nesters Life insurance can help with the future costs your partner may face if you pass away or are diagnosed with a terminal illness. These costs could include:
- Credit card debt
- Property maintenance
- Replacing an aging motor vehicle
- Aged care costs such as residential care
- Contributing to the kids wedding
You have enough experience to know that life doesn’t always go to plan. One of life’s twists might be that you pass away during these vital earning years, before you accumulate enough through savings, investments and your pension for your partner to be comfortable long into retirement.
Or, if you suffer a serious illness or have a major accident during this time, the impact will not only be on your ability to work, but could also compromise your retirement goals.
Tax-Free Lump Sum
With Life insurance, your beneficiaries could receive a tax-free lump sum in the event of your death or terminal illness. This could be used for paying off any debts, with any remainder going towards helping your partner manage in the years leading up to and during retirement. It might make the difference to your older children too, who might otherwise have to pick up the pieces and assist their widowed parent financially.
How much will it cost?
The premium for your life insurance policy will be based on, among other things, your age, gender, whether you smoke and your level of cover.
Taking a moment to look at everything you have achieved and what is yet to come, these final earning years might be the most vital to you and your partner’s retirement plan. If the worst happens before you retire, your partner’s potentially long future without you could be far less comfortable than what you would want.
If you do not have sufficient life insurance cover, think you may be paying too much or are not covered at all, One Quote can help. For assistance, contact One Quote’s team of Advisers on: 01 845 0049 or run a quote today.