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Why you need to insure life in old age

According to the US Social Security Administration, every third 65-year-old man lives to 90, writes Yahoo Finance.
Why you need to insure life in old age

People not only live longer, they are also more active and have better health. As a result, retirement is less and less about exchanging work for leisure at the age of 65. Instead, 44% of workers are postponing their well-deserved rest now.

Life insurance is now more affordable than ever. Even 80-year-olds with various medical conditions have several insurance coverage options.

When choosing a policy, it is important to decide which life insurance plan suits your situation. Term insurance is designed for cases when a person has a temporary need for insurance coverage for five to 30 years. Suppose you have a mortgage loan. In this case, an insurance policy for 10 or 15 years will be the most economical coverage.

On the other hand, if you want to leave something to your heirs, you should purchase permanent insurance. When buying such a policy it is important to study the contract details: you need to know everything about the benefits and costs you bear, the return on assets, and pension payments.

Source: https://finance.yahoo.com/news/why-might-still-life-insurance-123657484.html

Photos are from open sources.  

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