It is time to think about life insurance. For some people, it may have been something put off for a while. Or, a term life insurance plan may be expiring. Should you renew it now that you are at the age of 50?

It is true that insurance plans are less expensive when you obtain them as a younger person. The risks are lower. This usually leads to lower costs. Yet, it is still quite valuable and important to consider buying life insurance after 50. It could become a very important tool for you and your family.

You Still Have Dependents and Debt

One of the most important reasons to buy life insurance at this age is if you are still supporting others. If you have a mortgage, a term life insurance plan that covers the value of that mortgage can prove to be very important to your loved ones should something happen to you. 

If you still have children or others who are dependent on you, such as disabled adult children, older teens, college students, spouses, or other family members, this type of plan can help to cover the potential financial hole.

Income Planning Down the Road

At the age of 50, you may still be able to obtain whole life insurance. This type of policy, depending on the one you select, may provide income to you during retirement. People are living longer, so buying this policy now may still allow for a significant amount of time for the plan’s value to grow. It could help to supplement your retirement income in the years to come.

And, whole life insurance plans can also be a tool for estate planning. You can use them to fund the goals you have at any age whether it be to provide funds to a charity or to pay for your grandchildren’s education years from now.

Do not overlook the importance and benefit of purchasing life insurance at the age of 50. Though it will likely cost more, it remains readily available to most people at this age. And, it is still one of the most important tools you have for leaving your family the funds they need to maintain their quality of life should something happen to you.