It’s true: The young are often underinsured, while retirees may be overinsured
Most of us should “outgrow’’ our need for life insurance as we approach retirement. Research has shown that young couples are usually underinsured, while couples in their 50s and older are overinsured.
One of the better uses for a life insurance policy that is no longer needed as life insurance is as a substitute for long-term-care insurance — while the money is not available until the person needing long-term care dies, a life insurance death benefit can help replace assets lost while caring for the spouse in long- term care. It can also be used to replace some of an inheritance that has been lost to long-term-care expenses.
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