I am 50 years old, should I buy life insurance?
I am 50 years old, should I buy life insurance? Most people, upon reaching 50 years of age, already have financial stability, have enough savings in the bank, their children are financially independent. At that age, the priority is to enjoy life, plan trips to exotic countries, get to know the corners of the world you’ve always dreamed of, and indulge in certain pleasures. If you are at that level, opting for life insurance can amount to wasting money.
The reality is that many people who are now 50 years old, dedicated their lives to studying and developing their careers, which is why they had their children in their 30s. These children are now finishing high school or in the early years of their college careers. On the other hand, many members of our community had to restart their lives after emigrating and have not yet achieved financial stability.
If you have dependent children, have not finished paying your mortgage, and lack a stable financial situation, you may be interested in having life insurance.
Life insurance is intended to financially protect your loved ones in the event of your death. The death benefit would allow your children to continue studying in college, without financial distress. It would also allow your family to cover the mortgage payment on the house without your dreams fading along with your departure.
There are two main types of life insurance: term and permanent. To choose the one that is best for you, it is best to talk to a Univista Insurance specialist who will advise you on what to do to ensure the protection of your family with less money than you think. I am 50 years old, should I buy life insurance?