Amy, is life insurance over the 60 still a good idea? Can I even find decent options at my age?
I have seen this question and similar ones a lot. Life insurance can be important at any age, especially if you have people who depend upon you, or financial obligations that you have to meet. However, many people erroneously believe that as they grow older, life insurance is less important. In fact, even when you are over 60, having a good life insurance policy is still a sensible idea.
Your needs change as you age, and a policy that makes sense when you are in your 30s and have children may not be as well-suited to your needs as you approach retirement. It is a good idea to reevaluate your financial needs on a regular basis so that you can adjust your coverage as you see fit.
For example, when you are in your 30s, one of the primary purposes of a life insurance policy is to provide financial protection for your family should you pass on. You may need to make sure that your young children are provided for, or that your mortgage can be paid off without your income.
When you are in your 60s, on the other hand, your children are likely to be grown and living on their own. You may well have paid off your mortgage, or at least have so little left to pay off that doing so is not a concern. Instead, your main concern should be about providing for your spouse during retirement, or protecting your estate for your heirs.
Talking to an experienced financial adviser is often the best way to proceed when you are shopping for life insurance over the age of 60. Whether you have had life insurance in the past, or you are looking for it for the first time, the assistance of a good financial adviser can be a very great help to you.