Too late for life insurance? Too old?

Some say you are never too old for life insurance, but your reasons for buying it may change as you age. During the ages of 20-50, life insurance is valuable for family and financial security. When a term life policy lapses in those years, it’s time to consider options.

Life insurance may be a wise investment if:

• You have significant debt (mortgage, vehicles, credit cards)
• Your retirement savings are insufficient to support a surviving spouse
• Someone is still dependent on your care
• You have significant assets and want to reduce estate taxes

There is no magic age when you become ineligible for life insurance: if you want it and can pay for it, you are sure to find someone who will sell it to you. Obviously, the elderly will pay higher premiums, and the type of policy will depend on why you are buying it.

If you just want enough to pay for funeral expenses, look for a Burial Life Insurance policy. Retirement organizations like the AARP also offer special packages for their members.

A single premium life insurance policy allows you to pay the premium up front, is exempt from estate taxes, lasts until death, and may help pay for medical or long-term care.