Owning life insurance is important for aging couples in order to protect the welfare of their partner. If one of them dies, the surviving spouse needs to have a source of income that will support his or her current standard of living. Insurance companies created joint life insurance coverage as a solution for this need and these policies are a great choice for retired couples because of the benefits they offer.

Life insurance is an excellent tool to protect the financial welfare of your surviving spouse, especially if you are both already retired and on a limited income. Having life insurance ensures that your surviving spouse will have resources to help sustain themselves after you are gone. With the recent uncertainty in the economy and rising healthcare costs, the risk that medical expenses or nursing care will wipe out your retirement savings makes having adequate life coverage in retirement more prudent than ever.

A joint life insurance policy insures the life of two or more people. With a first to die joint life policy, the death benefit is paid out upon the first death and ends there. There is no further insurance for the surviving spouse, so first to die joint life policies are mainly used to protect the surviving spouse from becoming financially unstable. Since most couples live on a fixed retirement income, having one of the paychecks taken away upon death can deliver a crippling financial blow.

There are many uses for the money provided by a first to die life insurance policy. Since the death benefit on life insurance passes to the beneficiary tax free, the full amount of the death benefit is available for the surviving spouse to meet their financial needs. It can be used to pay for housekeeping, extended nursing care, estate taxes, and uninsured medical costs. Also, the surviving spouse will need money for the funeral and burial expenses. The death benefit can be used for that as well, which eliminates the need to save up or buy pre-need funeral packages.

Joint life insurance policies are available for senior citizens and retirees. The premiums may be higher if you wait until after retirement to purchase this insurance, but the benefits it provides will ensure financial stability for you or your partner after one of you dies.

For questions regarding permanent life insurance and other life insurance for seniors choices, talk to an expert at Puritan Financial.

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.