Life insurance isn’t just for your younger years—it’s useful well past 65 too. Many folks don’t realize that keeping coverage later in life offers real benefits, like covering final expenses, helping with debts, or leaving a legacy for loved ones. For example, I once saw a dad use his life insurance to pay off his mortgage after retirement, easing the burden on his family. Studies show that nearly 60 percent of people over 65 keep life insurance because it acts like a safety net when other savings run low. If you want to protect your family and plan ahead, understanding how life insurance works after 65 will open doors to smart money moves you might have missed. Keep reading to find out how this simple step can bring peace of mind when it matters most.

• Protect your loved ones from your final expenses.
• Provide a comfortable retirement for a spouse or partner.
• Leave a legacy to help support your children or grandchildren.

Universal life insurance is a type of permanent life insurance that provides lifetime coverage. This type of policy is known for its flexibility and the financial advantages you can benefit from during your lifetime. In celebration of Life Insurance Awareness Month, let’s explore three advantages of universal life insurance.

Ability to increase or decrease the death benefit

Many universal life insurance policies give you the option to increase or decrease the policy’s death benefit (the amount of money paid to your beneficiaries when you die). Increasing the death benefit may be useful if you anticipate accumulating significant medical bills in the future or simply want to leave a larger financial legacy. Decreasing the policy’s death benefit could be useful if you no longer need as much coverage. Either way, this flexibility is an advantage as you plan your estate to meet your goals and address your concerns.

Opportunity to accumulate cash value

Universal life insurance accumulates cash value through the money set aside with each premium payment. The money accumulates over time on a tax-deferred basis through interest based on the stock market, an index, or investments, depending on the policy. Tax deferral means that investment earnings accumulate tax-free until the funds are withdrawn. As a policyholder, you have access to your cash value, with the ability to borrow or make withdrawals from the balance. You can use the cash value to supplement your retirement income, help cover medical expenses or meet other financial goals.

Flexible premium payments

A life insurance premium is the amount of money paid to a life insurance company in exchange for a policy/coverage; premiums are often paid monthly. Universal life insurance is unique because many policies have flexible premium payments that you can increase, decrease, skip, or stop at any time, as long as your cash value can cover the monthly policy deductions. This could be useful if you need to skip a payment near holidays or when taxes are due. On the other hand, you can increase your premium payments when you have extra money available to prepare for times when money is tight.

Learn more about universal life insurance!

Life Insurance Awareness Month is a great time to review your life insurance needs. Do you have enough coverage to meet your family’s needs or is it time to consider coverage for the first time? their agents are here to help you learn more about the control, flexibility, and financial security of universal life insurance. You may visit this page to know more!