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What is Life Insurance?

Many seniors wonder if life insurance is still necessary once they reach 60 years of age or more.  Usually by this point, many seniors have paid off their homes, and their children are financially independent.  It does not seem like life insurance is necessary anymore.  Many adults have had life insurance for years, and it is not suggested to disband it until one has discussed their options with a professional.  The reason being, once one gets rid of their life insurance, it can be difficult or impossible to get similar rates.  Life insurance can be a viable way to invest for your children, spouse, charities, or any other way one wishes their money to be spent.  Life insurance can also cover the cost of a funeral, ensuring your spouse or children do not have to pay out of pocket or sell assets.  Some seniors also work part-time, and it is important to protect that extra income.  Seniors with a disabled family member they wish to provide for after they are gone also benefit.  It is never too late to get life insurance, but the closer to retirement the better usually for rates and plans.

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