Baby Boomers, the post-World War II generation born between 1946 and 1964 (according to Investopedia), are currently facing retirement and have the finances of retirement years to consider.1
Life insurance remains an important consideration among such a huge generation. (Baby Boomers total 76 million people, according to History.com.2) Purchasing or keeping their life insurance policies is something to consider while Boomers are busy managing their investment portfolios. And though people may associate life insurance with young families, life insurance can be equally beneficial for Baby Boomers even as they enter retirement. While age and health could potentially pose a challenge to those looking for a life insurance policy, it’s still possible for Baby Boomers to benefit from the coverage life insurance provides.
Boomers and Multi-Generation Families
And just what should Baby Boomers consider when it comes to life insurance?
According to the National Association of Insurance Commissioners (NAIC), one thing to consider is a multigenerational household that’s common in the modern family.3 The NAIC suggests that Baby Boomers consider the following to determine if they need life insurance:
- How much of the family’s income do you provide?
- If you were to die, how would your children and parents get by?
- How will your family pay for your final expenses?
- Will there be estate taxes after your death?
Essentially, if you have dependent family members (whether they’re children or your parents) who would be financially impacted by your death, life insurance might be a good option for you. Consider your personal circumstances and how your loved ones would be impacted in the event of your death.
If you currently have life insurance and are wondering if it’s the right amount, or if you need to purchase life insurance and are wondering what options are available to you, contact your financial advisor or licensed insurance agent.
Investopedia Baby Boomer, 2019
History.com, Baby Boomers, 2020
National Association of Insurance Commissioners, Modern Families Have Unique Insurance Needs, 2015
Categories: Insurance, Life Insurance