One of the great uses of Life Insurance is to provide for our families when debt is high, and children are young. To some degree the need for life cover decreases as we get older.
If the above is the case the need for Life Insurance may have reduced. There’s still a need to cover final expenses and funeral costs on death.
(Of course, if you own a business, you may still be borrowing even in semi-retirement, in that case the need for life cover remains.)
One strategy is to have what is known as level premium on at least some of your life cover. This means you pay a bit more now, but the premium remains the same and does not increase each year, right through to the age you have chosen.
You can have level premium right though to age 100 if you want! (Most people choose say, age 80, as the longer the term the higher the overall cost)
The above is a brief and general picture only. If you want to discuss your specific circumstances, please don’t hesitate to be in touch.
- 1)Hopefully the amount we owe in relation to the value of our assets is lower
- 2)Hopefully our children become financially independent. (Maybe even leave home!!)
If the above is the case the need for Life Insurance may have reduced. There’s still a need to cover final expenses and funeral costs on death.
(Of course, if you own a business, you may still be borrowing even in semi-retirement, in that case the need for life cover remains.)
One strategy is to have what is known as level premium on at least some of your life cover. This means you pay a bit more now, but the premium remains the same and does not increase each year, right through to the age you have chosen.
You can have level premium right though to age 100 if you want! (Most people choose say, age 80, as the longer the term the higher the overall cost)
The above is a brief and general picture only. If you want to discuss your specific circumstances, please don’t hesitate to be in touch.
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