Reliable life insurance should be a component of everyone’s estate plan, even those 50 or older. Although coverage is more expensive to obtain when you’re older, the indispensable benefits of insurance offset the higher costs. Here’s what you should know. 

What Are the Benefits of Life Insurance?

1. Supplements Retirement Funds

Universal and whole life insurance have an investment component that term life does not. These policies allow you to withdraw money as needed and borrow against their cash value. For people without adequate retirement savings, a life insurance policy can supplement what they’ve managed to set aside and provide for a comfortable retirement.

2. Helps Care for a Disabled Spouse

If you’re the primary caregiver for a disabled spouse, you may need a life insurance policy structured as a safety net to ensure your spouse’s financial needs are met after you pass on. A policy can cover living expenses, including specialized in-home care needed by persons limited by disability. 

3. Covers End-of-Life Medical & Funeral Costs

Even people who have health insurance may lack the resources to cover expenses associated with terminal illnesses. Funeral costs, too, can be quite expensive, especially if you’ve planned a traditional burial complete with a memorial service. Death benefits from a life insurance policy can be used to cover both, relieving grieving families of a great deal of stress.

Making the right life insurance decisions is a must, no matter your age. In Cincinnati, Albers Insurance Agency will expertly guide your choices, thanks to their seven decades of industry experience. Along with life and disability insurance, they also provide annuities—another valuable component of retirement planning—and long-term care insurance, which is used to fund stays in skilled nursing facilities. Schedule a consultation today by calling (513) 891-3304, or visit their website for a complete listing of their insurance products.