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> Is Life Insurance Required After The Age Of 60? – Gorating


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Is Life Insurance Required After The Age Of 60?
Posted inInsurance


IS LIFE INSURANCE REQUIRED AFTER THE AGE OF 60?

Posted by gorating July 20, 2023No Comments

Life insurance can give you peace of mind at any age, but it’s not always
necessary after age 60. To decide if you need life insurance, think about what
your family needs, how much money you have, what debts you have, and what your
long-term financial goals are.

If you’re regarding to turn 60, think about your life insurance. After all, if
your kids have moved out and depend less on your income, they may no longer need
your life insurance policy to care for them after you die.

If your savings for retirement, investments, and Social Security are enough to
cover your funeral costs and the costs of those who still depend on your income,
you might not require life insurance in your 60s. But there are times when it
makes sense to have life insurance after 60.


SHOULD YOU GET LIFE INSURANCE AFTER 60?

You may not need life insurance after age 60, depending on your financial needs
and resources. Still, people of any age can benefit from life insurance.
Annuity.org says that more than half (57%) of Americans aged 65 and older have
life insurance. Here are some reasons why you should keep life insurance
following age 60.


HELPING SURVIVORS

You may also have to care for your children who still live at home or your
elderly parents. Think about what your dependents will need in the future, like
a wedding or college tuition.


PAYING OFF DEBTS

Do you still owe money on your mortgage, car loan, student loan, or credit card?
When you die, your debts are settled with the money and property in your estate,
which cuts into what your heirs get. Since the money from your life insurance
goes to your heirs instead of your debts, it can help them financially.


REPLACE INCOME

If you are still working, insurance may substitute your income and any benefits
from your job that will end when you die. The Insurance Information Institute
says that employer-provided health insurance or matched 401(k) contributions can
be worth $2,000 or more per month.

Do you already get Social Security with your spouse? People get benefits based
on how much money they made before they retired. The spouse with the lower
income before retirement gets an amount based on their earnings or equal to half
of the other spouse’s advantage, whichever is higher.

The smaller retirement benefit stops when the spouse with the more significant
benefit dies, which could lower the income of your other spouse. The difference
can be made up by life insurance. Your dependents may get survivor’s benefits
from Social Security, but how much and when they get them depends on many
things. Life insurance can fill in the gaps.


PAYING FOR END-OF-LIFE EXPENSES

It’s easy to spend more than $10,000 on a funeral. And there might still be
bills from nursing homes and medical care after you die. The Lancet says medical
care in the final year of life costs about $80,000 on average. Depending on the
laws in your state and other factors, your family or estate may have to pay for
medical bills that your insurance does not cover.


BUILDING AN ESTATE

Do you have a lot of money? Permanent life insurance may be a part of your
estate plan. It can help you build cash value and leave money to your heirs that
won’t be taxed.


PAYING FOR POSSIBLE MEDICAL PROBLEMS

Long-term care insurance gives care at home or in a nursing home if you can’t
get dressed or take a bath alone. Long-term care is either built into some life
insurance policies or can be added as a “rider.” Insurance riders also let you
use your death benefit if you have a severe or terminal illness or disabilities
and cover your premiums if you get sick and can’t work.


DO YOU STILL NEED LIFE INSURANCE AFTER 60?


WHEN BUYING LIFE INSURANCE, YOU SHOULD THINK ABOUT THE FOLLOWING:

 * Your expenses
 * Your outstanding debts
 * Your current financial responsibilities and monthly bills
 * Your family’s financial needs in the future
 * How much do you make now, and how much are your benefits worth
 * Your liquid assets after taxes, such as retirement plans, funds, pensions,
   other life insurance policies, and Social Security benefits


YOU CAN DETERMINE HOW MUCH LIFE INSURANCE IS REQUIRED BY SUBTRACTING YOUR ASSETS
FROM YOUR COSTS.


PRICE OF LIFE INSURANCE AFTER 60


YOUR AGE

Insurance rates go up as people get older. Policygenius says that a 35-year-old
man is entitled to pay $20.90 monthly for coverage worth $500,000. A 65-year-old
man, on the other hand, would pay $256.92, which is more than 12 times as much.


YOUR GENDER


WOMEN USUALLY LIVE LONGER THAN MEN, SO THEIR LIFE INSURANCE RATES ARE USUALLY
LESS THAN MEN’S.


YOUR HEALTH

If you already have diabetes, high blood pressure, or a history of cancer, for
example, you might get less coverage and have to pay more for it. In some
situations, you may not get any coverage. Insurance companies can’t refuse to
cover you because you have a disability, yet they can charge you more if they
think your disability will cause health problems or shorten your life. Your
family’s health history, like a history of heart disease, could also cause your
premiums to be higher.


YOUR INSURANCE COVERAGE

It costs more to buy life insurance for $1 million than for $25,000. Get only
the coverage you need to keep your premiums low.


TYPE OF POLICY

Policies that can be renewed and policies that don’t require a medical exam cost
more than standard policies. Permanent life insurance expenses more than term
life insurance, and whole life insurance costs greater than universal life
insurance within the permanent life insurance category. Add-ons to your
insurance will also raise your costs.


YOUR CREDIT SCORE

In some states, insurance companies utilize your credit score to determine how
much you should pay for insurance. If you have good credit, your premium might
be less. Scores for insurance based on credit use the same information as
regular credit scores. Before you apply for life insurance, check your credit
history and score, and if you need to, take steps to enhance your credit.


TERM VS. PERMANENT LIFE INSURANCE IN YOUR 60S


YOU CAN SELECT FROM TWO MAJOR TYPES OF LIFE INSURANCE: TERM AND PERMANENT.

 * Term life insurance lasts a set amount of time, usually between 10 and 30
   years. During that time, the premiums stay the same. If you die while the
   policy is still in effect, your beneficiaries will get a death benefit. When
   the term is over, you can buy a new policy, renew the old one, or change it
   into a permanent one.
 * Permanent life insurance is good for as long as you live, up to 99 years. As
   with term life insurance, you usually pay the same premiums for the rest of
   your life. On the other hand, permanent life insurance builds up a cash value
   that earns interest. As the cash value grows, you can take the money out,
   borrow against it, add it to the death benefit, or use it to pay your
   premiums. But if you don’t use the cash value before you die, the insurance
   company keeps it.

Permanent life insurance, which can cost up to 15 times as much as term life
insurance, is harder to understand and costs much more. On the other hand,
permanent life insurance might work for people with a lot of money who have used
up all their other tax-advantaged investments.


CONCLUSION

Life insurance can give you peace of mind at any age, but it depends on your
situation if you still need it after 60. Look at your debts, resources, and your
family’s needs to decide if you need life insurance. You’ll be notified when
your credit score changes in a way that could affect your family’s finances.
This will give you even more peace of mind.

Last updated on July 18, 2023
gorating

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