After the age of 60 or 65, many people think that life insurance is an expense of the past. Not only are most people able to cover basic funeral expenses at that time, but they’re usually more financially stable. In some events, people begin paying into funeral planning so their family simply won’t have the expense when the time comes. However, life insurance can provide many other benefits. Consider options that fit into your lifestyle, and your family’s needs, regardless of your age. As you grow older, it’s important to regard the financial state of your family after you leave.

The unexpected happens

Throughout retirement, many people enjoy traveling or taking on adventures after so many years of working. So, what happens if you pass away far from home? The expense of transporting you back home may be unreasonable or even unbearable for your family. Life insurance policies will often include the costs of transportation as part of your funeral expenses. You can travel in peace without worrying about the many possibilities of being too far away from home.

Aside from traveling, there are other unexpected issues that arise later in life. If you believe that you have years to plan and save for your passing, reconsider that concept. People start paying into life insurance policies in their twenties because they know that unexpected things happen all the time. While you can set up safeguards through your home, and take exceptionally good care of yourself, the unexpected can happen.

Protect your family

Although many older adults don’t have children at home, their children may not be entirely self-sufficient. It may be difficult to define, but many children are now dependent on their parents even as they hit ages throughout their middle-age years. If your children still rely on you for financial stability, it’s likely that your passing will have an even more significant impact on them.

Families are learning to rely more on late-in-life earners than ever before. If you have a job or a source of income, you should expect to replace that revenue source when you leave. Life insurance can help your spouse adjust to the loss of an income or the lack of benefits. Although these may seem like secondary factors to pressing bills such as funeral costs, your family will need time to grieve. After a loss, people can hardly return back to work the next day. Make sure that you take time to plan for your family’s needs.

Think about outlying factors

There are two outlying factors to consider, and they are debt and your estate. As a whole, your estate will go through a long process after you pass. However, you can streamline the process with proper estate planning. As part of your estate planning, you will need to accommodate any outstanding debt. If you have anything outstanding on your home, or on vehicles, you will want to resolve that quickly. Leaving a spouse with a mortgage to pay while they are also probably in their later years can lead to years of struggle and stress. Whereas paying for life insurance can alleviate that possibility.

Another part of your estate planning should include any businesses that you have in place. The option to liquidate them or allow family members to put management into place can be part of your planning. If you choose to settle, or you want to plan for the possible choice of your family members to liquidate, then you should have life insurance. Outstanding business debt can fall to your spouse, who is now left without a source of income.

Carefully consider your financial status

The concept that term life companies provide to their customers is that at the end of the term you won’t need life insurance. However, many people don’t realize or don’t plan on carrying debt or financial burden throughout their later years. When speaking with life insurance companies take into account your age, health, and what income you’re currently bringing into the household. If you’re happily living off of retirement savings, then you may not need as much coverage. However, if your financial status is rather high, and your spouse plans to continue living the way you do now, you may need to plan accordingly.

If your benefits will not payout to your spouse, or if your spouse will lose access to things such as healthcare after your passing, you likely need life insurance. Always speak with a financial advisor if you believe that your financial status may impact your decision to continue your life insurance policy.

This article was written by Justin Weinger from Saving Advice and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to