Life Insurance

[VickiA700880]

Just how realistic is it for a 74 yr old to get life insurance. 

diabetes controlled by Jardiance. HBP controlled by oral meds. Are these enough to knock someone seeking life insurance out of consideration?

Asking for a friend

TIA

[AARPJanelleM]

@VickiA700880 Hey Vicki! AARP is not an insurance company or financial services provider, but we work with New York Life Insurance Company to offer products and services that have been researched and carefully evaluated to meet our high standards. We encourage you to contact them directly for more information: 1-800-865-7927 or visit www.nylaarp.com

[DirkB349973]

Not trying to be rude, but why does a 74-year-old need life insurance? I think of that as a way for a young person who has not had time to accumulate resources to help provide for a young family in the case of an unexpected death.

[GailL1]

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@DirkB349973 wrote:

Not trying to be rude, but why does a 74-year-old need life insurance? I think of that as a way for a young person who has not had time to accumulate resources to help provide for a young family in the case of an unexpected death.

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That’s definitely the major purpose of life insurance proceeds - to replace the part of the family income which death has stopped -

But not just for the younger . . . . Over and over I see older couples thriving fairly well when they are both receiving a SS benefit - then one dies and the one that is left alive only get the higher of the two benefits, not both.  Hits them hard - sometimes to the point where the remaining one has to change their life all around to conserve on money.  An ample life insurance policy could have made up some of the difference.

This kind of financial protection really isn’t available to people buying “life” insurance after they are old - purchasing it after one is old is more like buying a burial policy and really that’s what they are - an amount to bury you and probably not even in-style.

[DirkB349973]

I see your point Gail. When SS is the main source of income for a retired couple, the income reduction due to death would probably be devastating. If a couple in their 70s buying new insurance can afford the premiums for significant coverage ($100,000 or more?), I wonder if they would be better off putting the premium amount into savings or an investment account.