• 27
  Apr
  2010

• Older Parents Mean Term Insurance After Retirement

  
  Filed Under: Blogging

When the years get older, the older get insurance! That’s probably not a good maxim to live by, since you’d want to purchase insurance earlier, rather than later in life. This is especially true of life insurance, when your premiums skyrocket as you grow older. Those buying term life insurance may have a bit of a breather in this regard, simply because of its relatively lower cost.

Typically, a plan holder would want to complete all financial obligations by the time of retirement, so that all he/she needs to spend on are daily expenses and a few luxuries that were always on the to-do list, but never got done (a trip to Egypt, anyone?).

Also, term life insurance is typically purchased until all financial obligations are done with. This includes children who are independent. However, with the increasing age of first-time mothers (and fathers, of course), parents find that by the time they retire, their children may not actually be able to fend for themselves.

In this situation, it makes sense to purchase term life insurance for until the son/daughter is likely to become financially independent. It is also important to remember to factor in that premium when planning for retirement. “How long should my term life insurance last?” is obviously a question that depends on your particular situation.

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