If you’re over 65, you may be thinking to yourself that you don’t really have a need for life insurance coverage any more. Your kids are grown, your expenses are covered and you just don’t see any purpose in keeping that existing policy in force. Before you drop all of your life coverage, here are a few things to consider.

1. Life insurance is an excellent wealth transfer tool. A life insurance policy can provide a tax-free financial legacy for your heirs.

2. Many of the life insurance products offered in recent years allow for withdrawals to cover the costs of long term care or home health care.

3. Under current IRS regulations, you can exchange a life insurance policy for another life insurance policy OR an annuity tax-free under certain circumstances, so you may be able to exchange your existing policy for a more suitable, updated policy or an annuity that provides you with a guaranteed income.

Life Insurance for Seniors can be used for more than just income protection for your loved ones. Your Puritan Life Representative can review your existing insurance coverage and help you decide on the best option for your unique situation.

Puritan Financial Companies is a diversified financial services firm specializing in helping people from their peak earning years through retirement to secure their financial future. Visit Puritan Life Insurance at www.puritanlife.com. The information contained in this blog post is for informational purposes only and should not be construed as legal, tax, or investment advice.