For someone who has breached their sixth decade, there’s probably a lot on your mind. From retirement, to family, to travel and entertainment.
Probably few thoughts are headed in the wake of life insurance.
But term life insurance for 60-69 year olds is still very much a necessity for most Americans. You may still have lingering obligations, you may have a few work years left, or you may want to increase your legacy to your heirs.
If nothing else, you want to make sure you have protection in place to make sure you have your final needs covered so your family won’t have to foot the bill.
In any case, life insurance can still be affordable. You may be concerned because you have health issues such as diabetes or high blood pressure. You may even be searching for life insurance with lupus or other health conditions. That’s where we come in and answer your questions. Let us guide you in your search and help you find the coverage you deserve.
Term Life Insurance For 60-69 Year Olds
If you’re in your 60’s, term life insurance might be something you still need. But at the same time, it may be a time to cut some of your life insurance expenses as well. Each person and each family unit has different needs, and you should treat it like that, too.
If you have one of the following, you should probably still have coverage:
- Income From Work
- Uncovered Final Needs
- Legacy Goals
Life Insurance For A Mortgage
If you still have an outstanding mortgage in your sixties, it’s a great idea to have a life insurance policy which could either make the payments for a number of years, or even pay off the debt completely should something happen to you. If you and your spouse have made the decision to own the home you’re in as your last residence, you’ll want to make sure a premature death doesn’t mean the house has to go. For some, wanting to leave the house because you no longer need it for its size, or don’t like the memory of being there, is understandable. But having funds in place to provide not only the option to do with it what you want, but also the time, is invaluable.
Income Replacement Needs And Life Insurance
Perhaps you’re not quite retired, and your nest egg isn’t quite where it needs to be in order to have a safe and secure retirement. If you and your spouse depend on each other’s income, namely the portion which is going to fund your retirement, then you must have life insurance to protect the income which would be missing should you or your spouse not live to retirement. Even if you only need a very small amount of life insurance to cover your remaining years it’s crucial to have; how much longer would you be delaying your spouses retirement if they were to suddenly pass and their income was missing from the picture?
Covering Debts With Life Insurance
Some debts, although not all, expire when you do. If they don’t, having a lump sum of cash to pay them off when you die could be a huge necessity for your loved ones. If they become heirs to the debt, they’ll not only remember you by debts left behind, but they’ll be responsible to pay them back. If you could relinquish them of this burden, how much peace of mind could it provide? Figuring out which debts pass along and which don’t are a component for distinguishing what amount of life insurance you’ll need to earmark for this category.
Life Insurance For Final Needs
Not everyone has enough cash set aside for their final expenses, and life insurance is an obvious band-aid for this. While most people consider only the most basic costs for life insurance, there are many costs which go unattended to. Medical expenses may or may not be completely covered by your medical insurance. You may have an amount above and beyond what your insurance would cover. Also, you don’t know when you’re going to die. What a funeral and headstone costs now might not be the same decades forward.
Financing Your Legacy With Life Insurance
Perhaps you’re among the folks looking to leave a legacy to your children, grandchildren, or favorite church or charity. By far, the best way to leverage your money to make your gift as great as possible is to utilize life insurance. It not only can multiply your contributions for you after you pass, but can pass on your legacy in a much more tax advantaged way than just simple assets. It also provides your heirs the ability to do what they wish, or you can leave details of how you want it spent. The liquidity is also nice, whereas hard assets like land, buildings and others might prove to be difficult to get real market value for at the time of your death.
Term life insurance for 60-69 years olds is not for everyone, though. If you have cash set aside, your debts are paid, and you’re not concerned with leaving a legacy, then perhaps you have done enough. You can enjoy the rest of your time without having to worry about another insurance policy to take up your hard earned retirement income. We know health insurance and long term care insurance will take up a fair portion anyway!