Life Insurance and Baby Boomers

How Healthy Is Your Life Insurance?

If you’re a Baby Boomer when was the last time you reviewed your life insurance policy?

Baby boomers are those that were born between 1946 and 1964. Currently, approximately 20% of the United States are a member of the baby boomer generation. Baby boomers are living longer and staying in the workforce longer than generations before them. Gulf Coast Educators Insurance recommends that baby boomers take a look at their life insurance policy and see if it still meets their needs.

Life insurance is important to have since it can help lift a financial burden off of family members when a person dies. Baby boomers have usually accumulated a home, money, jewelry, stocks/bonds, real estate, artwork, or real estate that will be passed down to family or friends. If there is a great deal of wealth then family members could face an estate tax and/or inheritance tax. A life insurance policy can help family members pay those taxes.

Baby boomers might also have debt that will be passed down to family members. A life insurance policy can ease the financial burden of debt. Credit card bills, car payments, and funeral costs will all need to be paid after a person’s death. A life insurance policy provides funding to cover these expenses.

Gulf Coast Educators Insurance offers an array of life insurance products. There are many different options of life insurance available including:

•Term insurance
•Whole life insurance
•Universal life insurance

Life insurance needs might change. A life insurance review is recommended by Gulf Coast Educators Insurance to see if your current policy is still meeting your needs.