Do Baby Boomers and Seniors Still Need Life Insurance?

Written By: Mari Cates on September 20, 2009 No Comment

Most of us purchased some type of life insurance when we were young, and especially when we had younger children and a new home to pay off.

Many financial and insurance professionals will advise their clients to buy term. They tell young families that they only need coverage for a few decades, and after that the house will be paid off, the younger kids will have grown up, and the house will be paid for.

Cheaper term lfie policies are a popular choice for young families. A 30 or 40 year old will have the best chance of finding very cheap rates since they are more likely to be healthy. Term life insurance looks cheap, satisfies present needs, and it seems like a good choice.

That was a great story about how things should have worked out. But many Americans reach middle age or retirement years and realize that not everything worked out the way they thought it would. These people could reach their fifties or sixties and be on their second or third house, or even their second or third spouse. A period of unemployment or illness could have meant that the investment and savings did not get built up like predicted. And those kids may not always be off on their own as planned either. In fact, more and more grown kids are moving back in with their parents, and sometimes they bring their own kids along. Instead of being free, many older people realize they still have a lot of responsibility, and they still should have coverage.

There is some good news though. Because statistics show that Americans are living longer and healthier lives, top life insurers are dropping rates. They are also marketing products aimed at providing affordable coverage for older people.

It is not impossible for many people in their fifties, sixties, and even seventies, to find an affordable term policy. Sure, you will be unlikely to find a 30 year contract, but you may find 10 to 20 years. And senior whole life insurance is becoming very popular for seniors, and we have seen companies that will consider people in their eighties.

So why would an older person choose to shop for coverage? Some which to transfer wealth, some want to make sure a business is financed, and some just want to provide cash to pay for a good funeral. Grown children or other heirs may even buy a policy on the life of their parents. Many older parents are happy that their kids take that responsibility. Whatever the reason, be assured that plenty of mature people shop for life insurance.

Do you want term life for older people or even final expense insurance rates. Our fast, safe, and free quotes can help.