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Do Retirees Need Life Insurance?

By November 7, 2014October 6th, 2020Insurance

Older Man and Adult DaughterWhat do you think life insurance’s primary purpose is? Many people relate this coverage to married couples raising children, a sort of financial cushion to leave behind so the family is able to continue making ends meet after a tragedy. However, the value of life insurance extends beyond the years of child-rearing and well into retirement. Here are a few reasons why.

  • Funeral expenses: Final medical expenses, a cemetery plot and funeral services often add up to cost tens of thousands of dollars, which is a big financial burden to leave with your loved ones. Purchasing life insurance can provide your family with the funds to pay for your own funeral, so they can focus more on grieving than on scrounging up their savings.
  • Financial support: Even with your children grown and out of the house, your spouse still relies on your support, particularly if he or she requires assisted living services. Life insurance benefits can help fund everyday living expenses so your spouse can continue living his or her accustomed lifestyle and/or receiving necessary care.
  • Social security supplementation: Social security checks help keep you and your spouse afloat, but they often contain considerably less money than you were earning before you retired. If you died, would your spouse be able to continue living off of one social security check? Life insurance benefits provide a supplemental income so your spouse can continue meeting financial obligations.

Still have questions? We’re happy to evaluate your personal circumstances and walk you through a range of options that fit within your budget.

Get started today. Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City life insurance.