Most people understand the importance of having life insurance when they are young. If you are in your early 30s and have young children and a house with a large mortgage, you know that you need life insurance. If something were to happen to you, a good life insurance policy would ensure that your children were cared for and your home was paid off.
However, you might not realize that life insurance is still important, even when you are approaching retirement. If you are in your 60s, life insurance is still a sensible investment. It may serve a different purpose than it did 30 years previously, but it can still be a significant part of your financial planning. You just have to realize that there are fewer options for life insurance for people over 60 than for those much younger.
The main purpose of life insurance, after all, is to shield your family from the financial burden that your loss would leave them with. Such costs can occur at any age. For example, funeral expenses can be quite high, and a life insurance policy can help your loved ones deal with such costs at a time when they are already dealing with their loss.
If you are married, a good life insurance policy can also help make sure that your spouse can enjoy a comfortable standard of living after you pass on. This is particularly important if you are providing the bulk of your retirement income. However, you should not count upon your life insurance policy to replace all of your income during retirement. It is still a good idea to plan ahead and invest your money wisely.
If you are shopping for a life insurance policy after 60, talking to a good financial planner is an important first step. He can give you the guidance that you will need to find a policy that fits your needs.