You may think that at your time in life you either : (i) Don’t need life insurance, (ii) Will not be able to afford it. or (iii) You are too old.
Life Insurance will help your family at a time of great stress, emotion, and to be honest, funerals today are not cheap and your family will be left with the bill if you do not have adequate life insurance. Any outstanding debts will become payable, this is especially relevant if you are responsible for the payments on your home.
You may also wish to leave your family a small nest egg, or reserve so that they can continue comfortably when you are gone. This is not essential, and may be irrelevant if your family are all grown and have families of their own however if you have little saving it may make sense to take out a life insurance policy to cover off last expenses, also if you have a young family and they still rely on you for various expenses having a policy that not only pays off the bills, but also leaves an amount in the bank may be the choice for you.
In most cases yes, however there is an age limit usually 80 or younger. if you do not exceed the age limit there is an insurance policy out there that will suit you. Life Insurance plans are quite common for seniors, and varied, so finding a good broker to give you the best advice is a good starting step to finding your life insurance policy.
If your situation is such that you cannot afford the premiums for your life insurance plan, maybe your adult children could help. It’s becoming common place for adult children to pay the premiums for their elderly parents, giving the children peace of mind knowing that the expenses on death will be covered by a life insurance policy.
Whatever your situation, if you don’t have life insurance and do have a family then you are best advised to look into life insurance options, for your own peace of mind, and that of your family’s.