Assessing Life Insurance Needs After the Age of 60
Insurance Needs at Age 60: How to Estimate Them
If you’ve recently turned 60 or will be turning 60 soon, you might have asked yourself this at some point: Do I even need insurance at this point in my life? The answer is yes. Life insurance is always important, even in your older years. Once you reach 60 years of age, your insurance needs might change, but they won’t disappear. Insurance is always a wise investment.
Take Time to Analyze Your Insurance Needs
What goal are you trying to fulfill by purchasing life insurance?
- Cover end-of-life expenses?
- Leave money to someone or to support a specific cause?
- Ensure your spouse is financially supported for a certain period of time after your death?
You might not think so, but various forms of life insurance are still available at the age of 60. Don’t be afraid to talk to your agent and define what type of coverage fits your needs the best. It’s entirely possible that the cost will be a little higher than if you had purchased it a few years back, but the difference won’t be excessive.
Choosing the Right Final Expense Insurance
As the name suggests, final expense insurance is meant to cover your final needs, such as funeral and burial costs, as well as any health care costs you may incur at that point. This type of policy offers a minimal amount, but it’s a plan you may easily qualify for.
What If I Want Term Life Insurance?
Term life insurance is meant to provide coverage for a specific time. After the policy expires, the insurer has no more obligations toward you. This type of policy is typically used by people who have never had insurance before. However, some term plans are still available to those who are over 60. Just keep in mind that this type of insurance is flexible and allows your beneficiary to use the funds however they see fit.