Just like all other age groups, seniors have their own unique life insurance and financial planning needs. Below are some of the reasons it's important for seniors to carry adequate life insurance.

Settlement Costs. Unfortunately, the grief of a loved one's passing is not all a survivor has to deal with. There are also funeral costs and arrangements and other costs associated with death. You may have incurred hefty healthcare costs before you passed away, and the burden of paying for these may have passed to your survivors. Life insurance proceeds normally are not subject to probate, so survivors will have cash quickly to pay their bills and the costs of your passing.

Estate Taxes. Not only will your survivors have to pay for the funeral and other costs, they also may have to pay substantial estate taxes. Larger estates usually face fairly heavy estate taxes, and this may be a cost your survivors hadn't planned for. As discussed above, life insurance proceeds will be a quick and painless way to pay for these costs, so the survivors don't have to struggle financially.

Leaving Your Survivors Comfortable. If you have a surviving spouse, will he or she be able to live comfortably on one retirement income and/or pension or social security payment? Likewise, as discussed above, other survivors, such as children, may not have enough cash on hand to settle your estate and pay death costs. Life insurance can pay that quickly, and help your loved ones get through the loss of you with a little more ease. Often many survivors lose days of work or suffer emotionally or physically from your passing. A quick life insurance pay-off will help reimburse them for any costs incurred.

Other Things to Think About in Your Golden Years
Besides life insurance, it is important to be prepared for any eventuality. For example, do you have an up-to-date and official will? Writing a will is a simple, thoughtful thing you can do for your loved ones. Although different states have different requirements, here are some general tips to make a will legally binding:

• It must be typewritten or computer generated. Some states allow handwritten wills, but they're hard to validate, which can complicate things.
• The document must clearly state that it's your will.
• It must be dated and signed. It must be signed by at least two independent witnesses.

They must watch you sign the will, though they don't need to read it. Your witnesses should preferably be individuals who won't inherit anything in the will.

As always, be sure to consult with an attorney and/or tax professional before drafting or executing any estate planning document such as a will or trust.

Another thing to keep in mind is to be careful with your retirement savings. You need to factor in inflation; while living on a certain annual salary may have been comfortable for you back in your working days, the costs of living are always going up, and you may need more to live comfortably in your later years. Be sure to live on what you can afford, and not spend too much of your savings in the beginning of your retirement, but instead plan ahead to disperse the money evenly throughout a long life. You never know how long you and your spouse may live, and it's important to plan for a long (and healthy) life.

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