Who Needs Life Insurance?
Well, lots of people need life insurance, but when you look at the market, you see a lot of term life being aggressively marketed to younger people. And sure, that group of people want to make sure that their family has financial security in case they pass away. Younger parents, for instance, want to make sure that their family has a place to live and some money to help with bills and education. But even though parents in their 20s, 30s, and 40s may be prudent to purchase life insurance, they do not really believe that they have a large risk of passing away at an early age!
I would think that older people would be more concerned about coverage. After 65, people start seeing some of their friends get sick, or they think about how old their own parents were when they passed away. And just because somebody has passed the traditional retirement age, does not mean that they are finished with all of their financial obligations. Especially today, people are working longer, running businesses, and still paying on home mortages!
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Note: Find Life Insurance For Older People
According to a Wall Street Journal article, people of 65 only had 4% of the total dollars worth of US life insurance in force. And yet that population – people over 65 – account for 74% of the deaths in our total population! At an age when you would think that people would be very concerned about having life insurance, older people do seem to lack it!
Many may have had a policy, but term policies expire after 20 – 30 years. Or maybe some people had coverage through work, but it lapsed when they left their job. Now, at an age when coverage should be a big concern, these people do not have it!
Can Older People Still Find Life Insurance?
Actually, the news about the market for older people’s life insurance is mostly good. Many retirement age people can find no medical exam life for senior citizens, and can qualify for whole or term life policies. In addition, because statistics show that people are living longer and healthier lives, the rates are actually going down!
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