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:
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.
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.
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
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