The case at hand: older citizens, aged 60 to 70, who want to buy new term life policies.
One could be forgiven for questioning our elders and asking: what the heck for? It may sound odd, but that’s a common feeling these days – the old ways are passing and new concerns, along with fresh opportunities, are popping up around every corner.
There’s plenty of sound reasons for wanting a policy seemingly late in life. Consider a retiree who has worked hard for decades and enjoys a solid pension. Fine for the earner, but what if he goes first – who will take care of the spouse? Some portion of the pension will continue to be paid, but it may not be sufficient to guarantee a continuation of lifestyle. A term life policy is a workable solution for covering any income shortfall.
Don’t tell seniors the sun is setting: a surprising minority of spry over-60s show a penchant for remarrying. They often desire to leave a particular special something to the new spouse, an asset that stands outside the body of their estate, which is likely committed to family, friends and charity. No one wants to leave behind grounds for a potentially litigious hassle between the new spouse and old heirs – and once again, a term life policy is the answer.
It takes some diligent searching to find a carrier that charges a reasonable premium, but it can be done – indeed, seniors aged 60-70 buying term policies is becoming a rather common practice. Specialist companies are stepping up to meet the market, yet another new development springing from the longevity trend.
For more, please see:
Over 60 Years Old and Need Term Life Insurance? No Problem! | Good Financial Cents