Do I need life insurance if I am a senior?
Do you have enough insurance to cover your family’s financial needs, funeral expenses and outstanding debt should you die?
Does your spouse rely on you for financial support? Would your spouse be able to pay for your final expenses and keep a consistent lifestyle after you die?
Are you aware that a final expense policy can help supplement any social security benefits that you or your spouse receives?
What is Silver?
The Family Security Plan® Silver is a simplified Whole Life Insurance product to address the final expense needs of our credit union members ages 50 to 75 years of age.
Do I need Life Insurance If I am a Senior?
Although difficult to talk about, final expenses can be a major financial burden to your family. The average cost of funeral and burial costs combined can cost up to $15,000. Usually in later years, dependent children, mortgage and other debt is gone. However, you must consider your spouse or family who may still rely on support from you and will be responsible for your final arrangements. A final expense policy can also help supplement any social security benefits that you and your spouse receive.
Do I need a personal life insurance policy if I have group coverage through work?
Group policies are a great benefit for employees but are generally only in force while you are employed with that company. So, if you leave the company or retire, you may be without coverage. A personal life insurance policy assures adequate coverage regardless of your employment and provides coverage after you retire.