Life Insurance Quotes

Life insurance remains important despite dwindling subscribership

10/06/11

With the economy working through a period of uncertainty, many older Americans are cutting back on life insurance policies and other forms of financial assurance, despite the fact that these financial planning methods can provide American investors with a safety net as they age, according to Intelliquote.

While most older Americans continue to rely largely on social security and pension benefits, these forms of financial security can be limited. A couple receiving income exclusively from these avenues may be secure at first, the source notes, but unforeseen expenses like medical bills can put a stranglehold on a one-dimensional cash-flow, and if a member of the couple passes away, the benefits might be reduced by more than half.

"Financial planning doesn't end when you retire," said Gary Lardy, CEO of Intelliquote. "That's even more true in an uneven economy. Life insurance can work for retirees in a whole range of ways, from providing tax benefits, to protecting their estates, to providing financial security."

A life insurance policy can help pay for final expenses, including any remaining mortgage payments following the policyholder's death, lifting the burden off of spouses and children. According to the Insurance Information Institute, only one in three Americans had an individual life insurance policy in 2010.

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