{"id":1222,"date":"2019-01-24T07:00:19","date_gmt":"2019-01-24T12:00:19","guid":{"rendered":"https:\/\/lifehappens.org\/?p=1222"},"modified":"2020-08-14T12:12:49","modified_gmt":"2020-08-14T16:12:49","slug":"20-reasons-not-to-jettison-your-life-insurance-after-60","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/20-reasons-not-to-jettison-your-life-insurance-after-60\/","title":{"rendered":"20 Reasons Not to Jettison Your Life Insurance After 60"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”3.27.4″][et_pb_row _builder_version=”3.27.4″][et_pb_column type=”4_4″ _builder_version=”3.27.4″][et_pb_text _builder_version=”3.27.4″]

Let\u2019s think about this: You\u2019ve earned the majority of what you\u2019ll ever earn over the past 40 years. You should have accumulated enough assets to retire and live happily ever after, right?<\/p>\n

The ups and downs of the financial markets, however, have been an eye opener about how uncertain your (or anyone\u2019s) financial future may be.<\/p>\n

Most people think of life insurance<\/a> only when they want to protect their family and provide a source of replacement income in the event of their death. They don\u2019t think of it as a buffer to replace lost assets due to market volatility\u2014for example, the market goes south and you die before you have the time to rebuild or replace the lost assets.<\/p>\n

\n

They don\u2019t think of life insurance as a buffer to replace lost assets due to market volatility.<\/p>\n<\/blockquote>\n

Yes, I know. Your children are grown and gone. The mortgage is paid off. You have minimal debts. So, why should someone 60 or older consider purchasing permanent life insurance?<\/p>\n

Here are some reasons for life insurance after age 60:<\/p>\n

    \n
  1. Offset loss of retirement income to spouse at death. (Pension max)<\/li>\n
  2. Pay costs associated with death<\/li>\n
  3. Pay final expenses<\/li>\n
  4. Pay estate and inheritance taxes<\/li>\n
  5. Pay off debts<\/li>\n
  6. Pay income in respect of a decedent taxes on IRAs, 401(k)s, etc.<\/li>\n
  7. Provide for the care of a disabled child, spouse, etc.<\/li>\n
  8. Offset loss of a key person in a small business<\/li>\n
  9. Provide funds to buy out interests of a deceased business partner or co-shareholder<\/li>\n
  10. Dividends can be a tax-free source of supplemental retirement income<\/li>\n
  11. Cash surrender values are a source of emergency funds during life<\/li>\n
  12. Cash surrender values can be wholly or partially annuitized to provide additional guaranteed lifetime income<\/li>\n
  13. Any unused funds can be used to provide a gift to grandchildren<\/li>\n
  14. Provide a gift to charity at death or prior if desired<\/li>\n
  15. It adds flexibility to the estate plan<\/li>\n
  16. You can balance uneven distributions of property or business interests to your children<\/li>\n
  17. You can spend all your money and still leave a legacy for your children or grandchildren<\/li>\n
  18. It\u2019s creditor proof in most states<\/li>\n
  19. It can be designed to provide an \u201cinevitable gain,\u201d no matter when you die<\/li>\n
  20. It can collateralize loans. As people live longer, they tend to take on more debt or debt that has a longer amortization (just look at all the big houses being built by people who consist of a family of two post-65 adults!)<\/li>\n<\/ol>\n

    Review your personal situation. You may find there are more reasons to own life insurance after age 60 than you think.<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

    Let\u2019s think about this: You\u2019ve earned the majority of what you\u2019ll ever earn over the past 40 years. You should have accumulated enough assets to retire and live happily ever after, right? The ups and downs of the financial markets, however, have been an eye opener about how uncertain your (or anyone\u2019s) financial future may […]<\/p>\n","protected":false},"author":11,"featured_media":1223,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[13,4,100],"tags":[36,37,89,103,104,101,14,105,34,88,102],"class_list":["post-1222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-fitness","category-life-insurance","category-retirement-planning","tag-charitable-giving","tag-charity","tag-estate-planning","tag-final-expenses","tag-key-person-life-insurance","tag-legacy","tag-life-insurance","tag-loan-collateral","tag-permanent-life-insurance","tag-retirement","tag-small-business"],"acf":[],"yoast_head":"\n20 Reasons Not to Jettison Your Life Insurance After 60 – Life Happens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lifehappens.org\/blog\/20-reasons-not-to-jettison-your-life-insurance-after-60\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"20 Reasons Not to Jettison Your Life Insurance After 60\" \/>\n<meta property=\"og:description\" content=\"[et_pb_fullwidth_module_placeholder selected_tabs="all"]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lifehappens.org\/blog\/20-reasons-not-to-jettison-your-life-insurance-after-60\/\" \/>\n<meta property=\"og:site_name\" content=\"Life Happens\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/lifehappens.org\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-24T12:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-14T16:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lifehappens.org\/wp-content\/uploads\/2019\/12\/man-with-skate-board_web.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1199\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marvin H. 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