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Is it necessary to insure life at the age of 70?

Not everyone will need life insurance upon retirement. If children are financially independent and one of spouses has a large amount of pension savings, then there is no point of thinking about an additional policy, writes Forbes.
Is it necessary to insure life at the age of 70?

Life insurance in old age is needed:

- If you have a dependent. Life insurance is a way to provide someone, for example, a child with special needs, after passing.

- If you have outstanding debts. The debt can be transferred to the insurance company and not the heirs.

- If you want to allocate funds for funeral. Funeral expenses can be potentially covered by any type of life insurance. This option is usually inexpensive.

- If you have financial obligations related to business. The entrepreneurs can secure their business and help partners if they purchase special life insurance plans.

- If you want to create an additional source of savings or investments.

Source: https://www.forbes.com/advisor/life-insurance/senior/

Photos are from open sources.

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