Most 60-years olds would benefit from life insurance but some don't. If they have no one that will suffer financially when they die, and if their funeral/cemetery/cremation is all bought and paid for, and they are leaving no debts they will do just fine without it. Same is true for any age.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Suprisingly, far more than you might think. This is a large portion of my practice providing insurance to the 60 plus crowd who have come to me seeking insurance for another 20-50 years. I know many bought into programs offered by the most recent (yes, they come and go over time) financial advisors on TV and radio (ever wonder why they classify themselves as entertainers?) whose advice works if nothing goes wrong. Well, how many times does everything work just exactly right? This is why it is hard to find all these 60 plus year olds through time who have been successful following these programs...Things change, mortgages aren't paid off, kids and grand kids become responsibilities for grand parents, the pension plan's best offer is all or nothing and you need life insurance to swing the deal.....So while not every 60 year old needs life insurance, the number of 60 plus people who need life insurance is far greater than those who don't.
Owner, Wright Insurance Agency, Great Pittsburgh Area
Most people need life insurance unless the 60 year old is completely financially free of debt, has no survivors such as a wife / husband, and doesn't want to leave anything behind to others such as their kids.
A lot of times older people may look to a smaller type of life policy which is now coined as a final expense policy.
It really depends on the person and their situation though.
Partner, Waterway Financial Group, Myrtle Beach, SC
Without analyzing a persons full situation, it is near impossible to make a recommendation. Most anyone requires some sort of life insurance, even if it's just enough to bury the deceased. The idea is to pay less for getting a larger return of cash when needed. By leveraging your dollars over a long period of time, it can help pay for final expenses. If a person needs more cash on hand for estate purposes, there is no cheaper way to pay for the benefit needed than life insurance, if in proper health.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Does a 60 year old need life insurance? To answer this question a person must find a 60 year old and ask do you need life insurance? To get to that answer maybe a few others questions would be necessary to ask, such as... Do you still have a mortgage? are you married? Do you have a pension and want to take the full benefit? Does anybody in your family still depend on you? Do you want your wife or your kids to suffer when you pass? Did all your plans for retirement work out exactly as you've planned?
Still a ton of questions to ask. Most of my business is based on 60+ year olds discovering they need life insurance.
The answer to the question in most cases is yes. As we get older we get closer to death, it is a fact of life. When we die, someone will have to pay our final expenses and any debts we may incur. We may wish to provide for those we love and help relieve the burden of loss. Life insurance provides that and more.
The answer to that varies as much as 60 year old's vary. Does the 60 year old have debts or other obligations that need to be met, and few assets to meet them if they should die? Then life insurance can be very important, because there are not a lot of years left to build up those assets. Even if the 60 year old is financially well off, they need to consider what would happen if they were to be afflicted with a serious, extended health problem. Having long term care insurance and excellent health insurance could reduce the dollar amount needed in life insurance.
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A lot of times older people may look to a smaller type of life policy which is now coined as a final expense policy.
It really depends on the person and their situation though.
Still a ton of questions to ask. Most of my business is based on 60+ year olds discovering they need life insurance.