There are some who think that life really begins at 65.  With the cares of work and raising a family behind them, many people finally start doing the things they’ve long dreamed of doing.  Some choose to travel, others are content to relax around the house—some even get up the nerve to clean out the garage. But, one of the last things on the minds of those of many who reach this milestone, is their life insurance plan.  After all, who really needs life insurance after age sixty-five?

You, maybe.  If you’re approaching age 65, or plan to, consider the following six questions:

1. At your death, will your spouse require an income over and above Social Security and any investments you currently have in order to maintain his or her standard of living?
2. Do you or will you have a parent, child or family member dependent upon you for support beyond your age 65?
3. Is your estate, all totaled, worth more than $5,250,000* (2013), the benchmark at which Federal estate taxes begin to be assessed?  Would your heirs have to sell off assets, perhaps for less than their market value, in order to pay those taxes?
4. At retirement, are you planning on electing a smaller initial pension benefit so that benefits will continue to your spouse after you die?
5. Have you wanted to reduce your taxable estate and leave something to charity without having to take away from what your heirs will inherit?
6. Would you like to see your business continue into the future, intact and free from debt, for the benefit of your children or valued employees?

If you answered  “yes” to any of the above, you probably have some need for life insurance coverage after age 65.  Maybe you’re one of those people whose policy will be paid up by then. But maybe you’re just now considering the ramifications of these questions.  If like so many of us you’re in the latter group, relax. With today’s variety of life insurance products, you can tailor a policy to provide the protection you need at a price that is probably still far less expensive than the alternative.  

*The applicable exclusion amount is $5,250,000 in 2013 and is adjusted annually for inflation.  The American Taxpayer Relief Act of 2012 was signed into law by President Obama providing a permanent fix to the estate and gift tax law.

The views and information contained herein have been prepared independently of the presenting Representative and are presented for informational purposes only and should not be construed as investment advice.  This information is not intended as tax or legal advice. For advice concerning your own situation, please consult with your appropriate professional advisor.