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3 Life Insurance Mistakes Retirees Make That Can Cost Them Thousands of Dollars

1. Retirees avoid life insurance entirely.

You might think you’re too old to get life insurance or it’s too expensive.

There are several insurance companies that specialize in insuring people with a variety of health conditions, from diabetes to stroke and even a history of heart disease. And some of these companies offer policies up to age 85 or older.  

2. Retirees buy whole life insurance.

If you’ve had a whole life insurance policy for a long time, it may be appropriate to keep it. But buying a whole life insurance policy if you’re over age 55 isn’t a good idea. For many seniors, a simple 10 or 20 year term life insurance policy will do the job fine if you’re still working part-time, or need the insurance to fill the void left until your mortgage or other debts are paid off.


3. Retirees give up their ‘unneeded’ insurance policies too soon.

Some companies can offer to make payments for you for a period of time in the form of a loan. In exchange, if you pass away during the loan period, the death benefit on the policy pays back the loan with interest, and the remainder goes to your loved ones.  So, your beneficiaries still get some money, and you got rid of your monthly premiums.  If you don’t die by the end of the loan period, you have to pay back the loan. You can do this by simply handing over the policy to the company.

In this case, you were going to cancel the policy years ago anyway, and you got a few extra years out of it for free.

Working with an independent life insurance agent, like Cosmo Insurance, you’ll have greater access to a wide selection of insurance companies that offer all these and more features.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.