Life Insurance After 50: Still Make Sense?

Once you pass 50, your life insurance needs may change. Perhaps the kids are grown and financially secure, or your mortgage is finally paid off. If so, you may be able to reduce or eliminate coverage. On the other hand, a disabled dependent or meager savings might require you to hold on to life insurance indefinitely.
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Term life insurance is far less costly than whole life insurance. A term policy is a good safeguard for specific financial commitments such as college tuition. You can time the term policy to expire after Junior graduates. Regardless of whether you buy term or whole life, your monthly payments typically remain fixed for the entire time you have a policy in force.
One advantage of whole life insurance, which is also known as permanent insurance, is that it doesn't expire. You have coverage for your whole life, as the name implies, just as long as you pay the premiums. That's critical if you have financial commitments that won't go away.
It's worth noting that newly issued life insurance policies, both whole life and term, start to get more expensive once you hit 50. Once you enter your 60s, if you want or need life insurance and you’re not already locked into a term policy, you may have no other option but to buy a more expensive whole life policy. Many insurers won't sell term policies to people 65 and older.
Source: https://www.aarp.org/
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