Having the right life insurance policy is imperative in planning for the future of your loved ones. There are life insurance options available for those 65 and older. While the cost of life insurance can increase with age, many insurance companies offer plans that will accommodate adults of all ages, including term life insurance, whole life insurance, and universal life insurance.
DO YOU NEED LIFE INSURANCE IN YOUR 60’S AND UP?
There are many reasons to keep or purchase life insurance in your 60’s. If you’re still working and you and your spouse depend on your income, if you have a high net worth, plan to live off of your cash value, or if others depend on you financially – it’s a good idea to hold on to your life insurance policy. As you reach your 70’s, you may find yourself free of financial worries and paid off all debts. If this is the case, you could probably do without life insurance. It can be tricky to decide if life insurance as a senior citizen is right for you – that’s why you need a trusted insurance agent. NIBC can help you navigate your life insurance questions and decide what is the best fit for you!