Making Informed Decisions on Purchasing Life Insurance After Turning 50
Wednesday, 10 April 2024, 20:00
Buying Life Insurance at Age 50
By age 50, you may be looking ahead toward retirement. But that doesn't mean you can't benefit from life insurance.
Financial Planning at 50:
- Consider increasing IRA/401(k) contributions
- Sit down with a financial advisor
Youâre not too old to get protection. Life insurance can bridge gaps in income sources for your spouse and provide for your children's education expenses if anything happens to you.
Amount of Life Insurance:
- Assess your spouse's retirement plans
- Factor in children's educational needs
- Understand the cost implications
If you can swing the cost of life insurance, it could pay to buy some at 50. It could really end up sparing your loved ones a world of financial stress.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.