Life insurance is one of those things many people understand they need at a younger age. They realize this type of insurance protects their family in case something happens to them by paying for funeral costs and covering lost income. There are many who spend years of their lives paying into their life insurance policies in the hopes they never need them. However, as individuals approach their senior years and a need for senior assisted living, they may wonder if they really need the life insurance any longer.
Although your children are grown and likely have families of their own, they could be financially burdened if you pass away without life insurance coverage. If you haven’t prepaid for your funeral or costs have risen significantly, your children could be left with a bill they are unprepared for. Therefore, if you have anyone in your life who may suffer a financial loss after you’re gone, it’s best to have an insurance policy in place. This includes any children you may have had later in life who still depend on you, as well as grown children with families of their own who may struggle under the financial burden of your death expenses.
The amount of money required for even a simple burial rises constantly. While many seniors pre-plan their funerals and may even pay for it ahead of time, increases in cost may not be covered under this plan. This means your family may be left with some expenses after you are gone and chances are they won’t be prepared to take it on. If you haven’t prepaid your funeral costs, it’s even more important to have life insurance, even when you’re taking advantage of senior care services in OKC. Life insurance will be able to cover your funeral costs so your family can mourn without the added stress of trying to figure out how they will pay for it all.
When you pass away, the government will likely charge an estate and/or inheritance tax on your belongings and assets. This can be a serious financial hardship for your loved ones, especially if you have a large amount of assets to split between them. The good news is you may be able to use the money from your life insurance policy to pay these taxes so your family doesn’t have to take on the burden themselves.
Even if you have no debts, you have minimal assets and your funeral is already paid for, a life insurance policy can help ensure your wishes are carried out after you are gone. Those in Oklahoma assisted living may wish to leave some of their life insurance payout to give to their favorite charity or support a worthy cause. This is an easy way to make sure you are able to support a cause that is close to your heart.
If you’re looking for effective senior care services in OKC, contact us. We can give your senior relatives a comfortable place to live with the assistance they require.