Life, Disability, and Health Insurance for Professionals and Business Owners

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Life Insurance
Vistaplan Blog

Read the Vistaplan Financial Group blog: Universal Life Insurance, Term Insurance, Disability Insurance, Critical Illness Insurance, Super Visa Insurance.

Posted: 16 Aug '11

Do I Need Life Insurance After I Turn 50?

Do I Need Life Insurance After I Turn 50?

Often the discussion comes up with clients, “how long will I need my life insurance?” 

Life insurance fills a different need at different times in our lives. 

At the younger ages life insurance will; (these are basic needs)

  • Pay the mortgage off
  • Pay off student loans
  • Pay off business loans
  • Provide for your wife
  • Provide for the children
  • Pay children’s education

Then as we get older some of the needs above are met by our incomes.  We work and pay off the mortgage, pay off our loans and set money aside for education and retirement.

Now life insurance starts to move into the next period of our lives to look after;

  • Final expenses
  • Charity and gifting
  • Estate planning
  • Final tax bills, leaving our net worth to the family

Why would anyone use life insurance for estate planning and paying final tax bills? 

This could have a long answer but the short answer is that it’s about 44% cheaper to use life insurance then it is to use savings, assets or a bank loan.

Everyone should have some permanent life insurance and it really doesn’t matter what age you start the permanent coverage the value will always be in your favor.  To request an article written on this topic by the Estate planning team at Manulife financial just request it on the quote form asking for the "Estate Preservation Client Profile." 

Life insurance provides cash at very difficult times in our lives no other tool can do it cheaper of better.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.