Life Insurance After the Age of 70

To buy, or not to buy; that is the question. While life insurance is essential when you have a family depending on you, are there scenarios that would influence you in purchasing life insurance later in life? It depends. If you still have a mortgage that you’d like a policy to cover, a dependent that still needs your financial support, or a desire to pay your estate taxes, then life insurance is still a good bet.

Since some pension plans expire upon your death, having an insurance policy could cover that amount for the surviving spouse. Existing debt could eat away at your estate, and a policy would cover those costs. You may even want to have life insurance that would payout to a charitable cause about which you are passionate.

Purchasing insurance after the age of 70 can make good financial sense, but expect to pay higher premiums than you would at a much younger age. Term insurance ends at a specific date and could be more affordable. Guaranteed Universal Life Insurance can cover you up to age 121, although its pricing is higher.  To speak with an expert who can help you figure out which type of policy makes the best sense for you, call Harrison Lance (678-978-5453).

Read HERE to learn more about purchasing the different life insurance policies available after 70, and then get back to the good life!