Everyone expects their senior years to be about retirement, and living life to the fullest. It is the point of your life where everything changes. Your schedule, your routine, your lifestyle, and more.
These exciting changes bring in new opportunities for a healthier and fulfilled life. As exciting as it is, it is still important to think about the future and what it may bring.
One of the changes that comes along with seniority is that your old insurance policies may have already expired. Or they may no longer meet your current needs.
So, with that in mind, we’ll look at a question many seniors have when it comes to life insurance. That question is… do you still need life insurance coverage if you’re over 60?
Think Before Cancelling Your Life Insurance
If you are thinking of cancelling your insurance policies, it may do you well to think again. The whole point of an insurance policy is to think about your future, and your loved ones’ futures. You may still want to keep your coverage after you retire.
Do You Still Need Life Insurance If You’re Over 60?
As you grow older, you may wonder if you’re just wasting your money on monthly premiums. We get it! Your kids have grown up. They have their own jobs and their own lives now. They will do well for themselves.
However, everyone’s situation is different. So, it is practically impossible to provide a one-size-fits-all answer to this question of whether seniors need life insurance.
For instance, many women in their 60s no longer need to buy life insurance. This is the point in your life where you start earning income from pensions and savings. However, it does not apply for all women in their senior years. A life insurance policy may still be needed if:
- You still have children dependent on you
- It’s important to you to leave a financial legacy for your family or favorite charity
- You have a complicated married or relationship – in some cases, a person is not eligible to receive their partner’s pension in case one of them passes away
In order to understand if you still need life insurance after your 60th birthday, you need to consider your current life situation. If you know there are still people dependent on you, or if you still need to be under the protection of an insurance policy, don’t stop paying for those monthly premiums.
It all depends on your financial and current situation. Before you think about cancelling your insurance policy, start making an assessment of your situation, or speak with a trusted financial advisor.