Personal Resource Center

Why Older Adults Still Need Life Insurance

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Life insurance is tax-free and payouts are quick, so loved ones can pay expenses without delay. This can be a blessing for those you leave behind.

Clear Debts

If you have personal or business debt, your heirs may be forced to sell some of your investments to pay it off, even if they'd rather hold on to those investments. A life insurance policy will help your heir pay off those debts or at least buy them time so they don't have to sell in a hurry.


Allow Your Loved Ones to Live Comfortably When You're Gone

Life insurance guarantees that your loved ones will continue to live the way they do now. If you are still working, your income will disappear after you die. Even if you're retired, basic income sources like pensions and Social Security are likely to drop. If you want your spouse or partner to continue to live the way they did when you were alive, talk to your financial adviser about buying life insurance. There are many options even if you are past 60 years old. A life insurance expert can help you decide which is best for you and those you will leave behind.


Continue Your Legacy

Life insurance allows you to leave a legacy for the people you want to help. The beneficiaries can be your favorite charity or a nephew who needs help paying for college. You set the amount and they get your gift without delay. In many ways, because it is available quickly, life insurance is the ultimate legacy.


Cash for Unexpected Expenses While You're Still Alive

Some types of life insurance, including whole life, have a cash value component that you can borrow against while you're still alive. This will help you and your family weather all kinds of unexpected expenses, including healthcare costs at the end of life.

Life insurance gives your loves one the cash they need to settle your affairs and get on with living after you're gone. Talk with your Synovus financial advisor if you have questions; we're here to help. 

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Rocky Mengle, "Estate Tax Exemption Goes Up for 2022 ," Kiplinger, published Nov. 10, 2021, accessed Dec. 14, 2021. Back