Is it Worth Having Life Insurance Over 60?
For most of our lives, many of us have considered life insurance to be a necessity.
When we were mothers, we wanted to make sure that our children would be taken care of if something happened to us. Many of us also wanted to make sure that our partner would not be burdened by any debts or funeral costs that we might leave behind. None of these are particularly happy thoughts and life insurance gave us peace of mind.
Now that we have reached our 60s, you could argue that our reasons for owning life insurance are diminishing. After all, our kids have left the house and are building their own lives. Many of us still have debts, but, not to the degree that we did as younger adults.
So, I was surprised to find out that so many of the women in our community still have life insurance. I’m not making a judgment here, by the way. There are legitimate reasons that one might want to consider having life insurance after 60. It’s just that I expected more of us to let our life insurance go.
I’d love to hear your thoughts on this topic. If you have decided to give up your life insurance, please let us know why. Or, if you have decided to keep it, I’d love to hear your reasons. It’s always so interesting to hear your perspectives and I’m sure that we will learn a lot from each other!
Community Feedback on Purchasing Life Insurance
Posting this article definitely sparked a fascinating conversation about life insurance. If I’m honest, I expected most women in our community to be strongly against having life insurance at our age. However, as it turns out, we’re split pretty evenly down the middle.
Equally interesting were the reasons that the women in our community gave for keeping their life insurance. While few of us see life insurance as a way to leave money for our loved ones, we all want to reduce the stress that our loved ones would feel should we pass away.
Along these lines, several women in the community said that they have decided to keep a small policy to cover their funeral expenses. As Valerie R. said, “If I don’t have insurance then my children will be stuck with the bill for burying me. So I will keep mine… just not as much.”
Another group of women said that they had purchased universal or variable life insurance policies that could be cashed in. For these women, life insurance is a kind of “forced savings account.”
Finally, there were some women who had been paying into an insurance policy for a long time and just couldn’t bring themselves to cancel. As one woman said, “I have an insurance policy so that I can give my children a final gift. I hope this will help to insulate them from the financial realities of the growing economic gap that faces hard working people.”
Then there were the women who argued that having life insurance just isn’t necessary at our age. These women said that it’s better to spend on your priorities today than to let your head fill with “what ifs.”
Obviously, there’s no “right” or “wrong” answer here. Still, it’s fascinating to hear how our perspectives differ on this important issue. Let’s keep the conversation going!
Have you recently given up your life insurance? Why? Do you still have life insurance in your 60s or 70s? What were the main reasons that you decided to keep it?