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Life Insurance For People Over 50

Life Insurance For People Over 50 – Good luck! Children are out (or about to be out) of college. Soon, you’ll be empty nesters and can start thinking about what you want to do for yourself. With no tuition to worry about, you can focus on paying off your house and building retirement savings. It’s also a good time to consider your life insurance needs.

First, you want to make sure your beneficiary information is up to date. While you’re at it, rethink your coverage needs, too. Around the age of 50, many people tend to reduce their coverage. But before you make any drastic changes, read…

Life Insurance For People Over 50

Life Insurance For People Over 50

According to the Pew Research Center, most young adults between the ages of 18 and 29 are living with their parents for the first time since the Great Depression. Much of this significant increase is directly related to the global COVID-19 pandemic, but even before that, there has been a significant increase in the number of young people returning home after graduating from college and planning to stay until their late 20s and 30s.

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Then you have to think about your parents. With people living longer than ever before, is there any chance they will depend on your help financially as well? Or maybe we should even move in with you? A recent AARP poll reported that “middle-aged Americans are struggling to save for retirement, in part because they are struggling to care for their aging parents. Nearly a third reported that they were helping their parents financially, and that was not the case.” . One payment at a time.

This is what many call the classic sandwich generation scenario. This may be a situation where you find yourself actually needing more life insurance protection than you thought. Or protection for longer than you expected.

As mentioned earlier, at this stage of life, many people are considering reducing their life insurance coverage. But if you have adult children and/or your parents are financially dependent on you, you will need to consider their needs before doing so. And remember, when you retire, you won’t have employer-provided life insurance.

While term insurance is usually a cheaper option, protecting you for a set period of time and only paying a death benefit, other types of policies can grow in cash value and provide you with additional income. But no matter which type you choose, all of them at John Hancock come with a vibe. This innovative program rewards you for the simple things you do to live a longer, healthier life, like eating more fruits and vegetables, getting a good night’s sleep, and even walking.

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Sometimes the best next step is to talk to your family and friends. Find out how your colleagues are taking care of financial needs today while planning and protecting for the future. Or better yet, talk to a financial advisor. Someone who can help you choose the best option for you and your family.

1 Pew Research Center: “Most Young Americans Are Living with Their Parents for the First Time Since the Great Depression” by Richard Fry and Jeffrey S. Vasil and Dora Kuhn, September 4, 2020 https://www.pewresearch.org /fact -tank/2020/09/04/a-majority-of-young-adults-in-u-s-living-with-their-first-time-maz- The Great Depression / 2 FOXBusiness: “Middle-Aged Americans Bankrolling Parents, Study Finds” By Megan Heaney, February 3, 2020 https://www.foxbusiness.com/money/middle-aged-americans-bankrolling-parents-study

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock.

Life Insurance For People Over 50

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As you enter your 50s, life insurance is often a very important part of your overall financial plan.

If you are in your 50s, and others are still financially dependent on you, you really need to evaluate the different types of life insurance available to cover your unique planning needs.

There are many reasons why middle-aged people need life insurance coverage. Here are some common needs that life insurance for people age 50 or older typically covers:

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We are a life insurance reference website that provides people a better understanding of various life insurance planning concepts.

Initially, we began selling bargain life insurance plans directly to customers nationally by appearing in publications such as: Time, Newsweek, Us News, and The Wall Street Journal.

Life Affordable USA was founded by Eric Van Haupten, after he graduated from Ferris State University with degrees in business administration and statistics.

Life Insurance For People Over 50

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