For Mark Roberts’ Use: Once upon a time, you probably purchased a life insurance policy to protect your family from financial disaster. In the event that something happened to you, you didn’t want to leave a spouse and children saddled with debt and struggling to survive. Now your children are grown, and hopefully they don’t depend on you anymore. Do you still need that old life insurance policy? Actually, you not only still need it; you might need to upgrade it!

Consider your spouse. Statistics don’t lie. Those who are widowed at age 55 or older are more likely to live in poverty than their married counterparts. Social Security survivor benefits don’t amount to much, and your spouse would probably experience extreme difficulty paying the mortgage and other bills.

Consider your estate. None of us can predict the future, but high medical bills are common late in life (or after serious accidents). The cost of settling your estate might be significant, and there is no way to know how much money would be left over after the bills are paid. Luckily, life insurance policies almost always offer a quick payout of benefits, so your beneficiaries would at least be protected from undue financial stress.

So if you’ve received a notice that your term life insurance policy is expiring soon, will you just automatically lose coverage? Actually, no! In some cases it is possible to extend the length of that policy and keep your coverage, or you might wish to convert it into a permanent life insurance contract.

As always, the cost and benefits of life insurance policies vary greatly depending upon several factors. There is no single solution that is right for everyone. However, if your policy is expiring soon, you do have an important decision to make. Call us, and we can discuss your situation in depth. We’ll help you identify the solutions that will keep your spouse and heirs protected.