Why Life Insurance Still Matters
in Your 50s and 60s

If you are in your 50s or 60s, you might be wondering if you still need life insurance. With your mortgage potentially paid off and your children starting their own lives, it is a valid question. However, before making any decisions, consider these three key reasons why life insurance could still be a valid investment at this stage:

  1. Protect Your Loved Ones From Debt

    While you may have paid off your mortgage, other financial commitments such as investment properties, business loans, or other debts may remain. If something happens to you, your family might be forced to sell assets quickly to cover those debts, which could erode the inheritance you planned for them. Life insurance provides peace of mind by ensuring your family has the means to settle any outstanding debts without financial strain.

  2. Be Prepared for Life’s Unexpected Turns
    Even if your children are financially independent now, circumstances can change.
    Job losses, health crises, or other life events could bring them to return to your home and/or require your financial support. Life insurance can serve as a financial safety net offering a lump-sum payout that helps your family handle  these challenges, even after you’re gone.
            
  3. Health Changes Can Catch You Off Guard
    Before you consider cancelling your life insurance, think about your health status and future needs. Have you had a recent health check-up? Some people only discover serious health issues after they cancel their coverage, leaving them vulnerable and uninsured when they need it most. Retaining your policy can offer critical financial protection if an unexpected health issue arises.

    
You can still purchase life insurance up to age 75, with renewal options until age 100. Whether you’re aiming to protect your family’s financial wellbeing or prepare for life’s uncertainties, life insurance can be an essential part of your financial plan in your 50s and 60s.


Guard yourself and your family against the unexpected

SCM Insurance offers a complimentary personalised insurance review to ensure you have peace of mind that you have the right protection for you and your loved ones. Get in touch with us today.

Nic Brian – Principal, SCM Insurance

SCM Insurance Pty Ltd is an Authorised Representatives of MBS Advice Licence Pty Ltd ABN 25 654 854 136 AFSL 536983. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

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