Life insurance in old age is needed:
- If you have a dependent. Life insurance is a way to provide someone, for example, a child with special needs, after passing.
- If you have outstanding debts. The debt can be transferred to the insurance company and not the heirs.
- If you want to allocate funds for funeral. Funeral expenses can be potentially covered by any type of life insurance. This option is usually inexpensive.
- If you have financial obligations related to business. The entrepreneurs can secure their business and help partners if they purchase special life insurance plans.
- If you want to create an additional source of savings or investments.
Source: https://www.forbes.com/advisor/life-insurance/senior/
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