We all know the importance of life insurance, no matter our age. But for those living past retirement age, life insurance has become even more of a necessity, especially if there are a variety of life events that could cause financial loss – such as the death of a spouse, illness or long-term care costs.

Life insurance can provide more than just financial security for the elderly, however. It can offer numerous benefits that those aged 75 and over should consider when considering the best policy for them. Here we take a look at some of the positive benefits of life insurance at this stage of life.

1. Paying off Debts:

When someone with older age passes away, their loved ones are often left to manage the financial obligations the deceased left behind. Fortunately, a life insurance policy can be a helpful tool in taking away the burden of debt. An effective way to use life insurance in this scenario is to purchase a policy with enough coverage to pay off any remaining debts that would otherwise need to be paid off by the estate or survivors.

2. Leave a Financial Gift:

At 75, many seniors have built up financial resources that they can pass on to their loved ones as inheritance. However