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.
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.
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.
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.
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.