The lingering question on the minds of many seniors is whether or not it’s worthwhile to have life insurance coverage at the age of 60 and beyond. Actually, the question is more difficult than it sounds. When we are younger, we feel obligated to protect our families from any unforeseen happening. But as we get older, our kids become grownups and we begin wondering whether it’s necessary to continue servicing our life insurance policies.
Aspen Gold Insurance Brokers is an experienced provider of life insurance policies to Westminster, CO residents and will seek to answer this question comprehensively.
Life is Priceless
Life insurance is never about attaching value to your life. The purpose of this kind of coverage is to provide financial assistance to your dependents when you pass on or when you can’t work and provide for them. If you’re married, it’s still important for both of you to take life insurance policies. So, in case one of you passes away, the other parent can use the proceeds from the coverage to take care of the kids.
Why You Might Need Life Insurance at Over 60
In general, it’s advisable to keep your life insurance coverage until you’re 65 years old, then you can begin living on your pension and savings. However, some situations may necessitate having life insurance in your 60s. They include:
You Have Kids Who Are Your Dependents
Sometimes you may have kids that are dependent on you in your 60s. One example is if you had kids late in your life and they’re probably still in high-school or college. Your kids could be grownups but are suffering from physical or mental disability hence the need to leave them some financial help when you pass on. Additionally, you could be raising your grandchildren since their parents passed on or abandoned them.
Need to Leave a Financial Legacy
Some parents choose to keep their life insurance policies in order to leave some inheritance for their kids. If you took up a permanent life insurance policy, the cash value must have significantly grown and you’d want to stick with it to the end.
Complicated Marriages or Relationships
Marital situations might force you to take a life insurance policy at the age of 60. For instance, if your partner is not eligible to receive your pension when you pass on, you may want to keep your life insurance coverage to protect your spouse from financial hardships when you pass on.
The decision on whether or not to keep your life insurance beyond 60 years can sometimes be a complicated endeavor that may require professional support. Aspen Gold Insurance Brokers are experienced in providing various life insurance coverage options in Westminster, CO. Contact us today for a quote or for any inquiries about life insurance.