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Do Seniors Need Life Insurance?

UPDATE 2/22/2012 - The current economic state is affecting seniors' need for life insurance.  More seniors have massive amounts of credit card debt and not enough savings for their funeral.  If you are a senior or are close to one, take a closer look at your actual need for life insurance during this challenging economic time.

Many may question the need for senior citizens to obtain a life insurance policy.  With their children grown and expenses paid for, would these monthly premiums be a waste of money?  Unfortunately, this is not the case for millions of seniors in the nation.

According to the article "Why Seniors Buy Life Insurance" on by J. Brendan Ryan, there are numerous reasons seniors feel the need to purchase life insurance policies.  There are a handful of seniors out there who are not comfortable with what they may be leaving behind for their spouse and a life insurance policy can give the peace of mind they are looking for.  For women specifically, far too many are poor.  About 25% of women reach poverty level within two years of becoming widows.  A MetLife study found that women over 65 have an average income of only $21,500 which is half of men in the same age group.

Preparing for a spouse's widowhood is only one reason seniors are buying life insurance.  Another important reason is financial legacy.  Today's seniors are doing much better than their children, so leaving them some funds to work with gives parents a feeling of comfort that they can help out.  Seniors are also interested in helping out their grandchildren and great-grandchildren.  Some seniors also focus on treating heirs fairly, and having that extra income makes it easier to do so.  If you are a senior considering a life insurance policy, can help.

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