I’m 60+; Do I Need Life Insurance?
Well, it’s official: we’re all getting older. We may have thought we were invincible in our youth, but the reality is that we’re all going to kick the bucket eventually.
With a life of hard work behind us, we typically assess how we stack up financially as we enter our golden years. A full retirement account and a paid-up mortgage are positive signs of good money management.
However, there are several reasons to consider keeping or purchasing life insurance after the age of 60, including:
1. Final Expenses: One of the main reasons to purchase life insurance is to pay for final expenses, such as funeral and burial costs. Even if someone has saved enough money to cover these expenses, life insurance can provide a way to pay for them without using savings or assets that might be needed for other purposes.
2. Paying off Debts: Life insurance can be used to pay off outstanding debts, such as business loans or credit card balances, providing peace of mind for the policyholder and their loved ones.
3. Leaving a Legacy: Life insurance can also be considered part of an inheritance, for those who wish to leave a financial legacy to loved ones, charity, etc.
4. Supplementing Retirement Income: As people age, they may need to supplement their retirement income to maintain their desired lifestyle. Life insurance can provide a source of income for a surviving spouse or other family members.
5. Long-term Care: Some life insurance policies have built-in long-term care benefits to provide coverage for care not covered by Medicare or Medicaid. This can be especially important for older adults concerned about long-term care’s high costs.
It’s worth noting that buying life insurance at a later stage in life, especially over 60, can be more expensive than purchasing a policy at a younger age. But some options are specifically tailored for seniors, known as guaranteed issue or final expense policies.
It’s important to consult with a licensed insurance professional to help you understand the options available to you. They can help you find the best policy suited to your needs and budget.
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here’s what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Medicaid Unwinding: Your Questions Answered
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year’s Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Giving and Forgiving
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- Peoria's Best Health Insurance Agency 2021
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- The Art of Aging Well
- New Energy After 60? 4 Ways to Biohack Your Health
- Insure What? Celebrity Body Parts Insured
- Ways to Enjoy the Outdoors at Home
- Using HSAs in Your Retirement Planning
- Meditation: Seizing the Moment
- 6 Strange Insurance Policies You Can Buy
- How Valuable Is Cash Value Life Insurance?
- Mistakes You Can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- 3 Vegetables You Can Plant and Grow Anywhere Right Now!
- Forget Salad Recipes, Try a Salad “Matrix”
- Benefits of Dental Insurance