If you’re elderly and don’t have an insurance policy you may be wondering “Is life insurance even necessary after 80?”

Many individuals over 80 avoid buying life insurance because they no longer have family responsibilities. The children are grown, and their children have likely also reached adulthood. And while it’s certainly nice to be able to leave cash for family members after you die that’s not the most important reason to maintain a life insurance policy.

Benefits of having life insurance

One significant reason why insurance is essential for seniors above 80 is the right policy covers your final expenses. You can pay for the funeral you want (burial and/or cremation) and your loved ones aren’t stuck with expenses associated with your final arrangements.

A second reason is the right insurance policy pays expenses that have accrued over time, such as medical costs, credit cards, and various other expenses. You most likely don’t want to leave these expenses for family members to pay out of pocket. Continue reading →