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3 Reasons Why Life Insurance Past 65 Is Still An Option

3 Reasons Why Life Insurance Past 65 Is Still An Option

Many people have the mindset that age 65 is the cutoff for a lot of things. It’s the oft-quoted “retirement standard,” where life switches from a 9-5 to just staying alive. The office becomes a thing of the past, and the good life of enjoying retirement kicks in. Senior citizen discounts finally grace you with their presence. Spoiling your grandchildren might become your number one priority.

These examples and more illustrate the magic that can occur at 65. But what about the deeper things, like life insurance? Can you still obtain it after 65? And if you can, should you? Here are three reasons why life insurance after 65 is still an option – and a potentially good one at that.

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1. Most Companies Will Insure You Up to 85 Years Old

You might think that obtaining life insurance after 65 isn’t even an option, but it absolutely is. The maximum age is well over 65, with some companies insuring all the way up to 90 years old.

This is a good sign for a few reasons. First, it means that our life expectancy has definitely improved over the past few centuries, since companies are willing to insure even at such high ages. Second, it means that even if you’ve never had life insurance before, it’s not too late to get on board to potentially provide for your loved ones even after you’re gone. You’ll need to confirm with your potential provider, but there shouldn’t be any issues finding companies that will insure well into retirement.

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2. Peace of Mind Can Be Priceless

Do you feel stressed when you think about your spouse or your family supporting themselves financially if you pass away? How long could they make it on your current savings? Do they have the skills and/or health to work if needed? What would it be worth to you to be able to feel comfort about these questions?

If you feel anxiety about these questions, looking into life insurance might be a smart option. With crumbling Social Security benefits and an epidemic of failing to plan for the future, more and more people are retiring with barely enough to live on.

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Life insurance can provide some comfort in knowing that your spouse will be able to be financially supported even if you pass away. No one knows what the future might hold, which is why insurance even exists in the first place. It allows you to plan for the future and to be prepared for the unexpected.

3. The Options Are Out There

Although it might seem intimidating, there are plenty of resources to help you decide if life insurance after 65 is right for you. Start by asking friends or family in your same age group if they personally have life insurance. Get their opinions on their plan and their provider. As you contact different providers, be sure to supply them with your information, and make it a point to help them understand your situation. And if you have questions, ask them. It is worth your time and effort to make sure you know what you’re signing up for.

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Though it is a personal decision, there are plenty of resources that can help you to decide about the importance of life insurance for seniors over 65, and assess whether it is right for you. Your unique situation will dictate whether or not it’s a smart choice. But keep in mind the opportunity to provide for your family even after you’re gone, instead of leaving them with medical bills, funeral expenses, etc. And while cost can always be a concern when considering insurance, don’t underestimate the savings that you’ll be getting from those senior citizen discounts – it adds up.

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Spencer Mecham

Marketing Manager

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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