Retirees, It's Not Too Late to Buy Life Insurance
Think you won't qualify for life insurance in retirement? Guess again.
"It's easier to qualify than in the past as underwriting has gotten better," says Rafael Rubio, president of Stable Retirement Planners in Huntingdon Woods, Mich. "There are options available in your later years," says Paul LaPiana, a financial planner and head of MassMutual's U.S. products.
You may wonder why you should care. After all, hasn't life insurance outlived its usefulness once the kids are grown, the mortgage is paid off and the policyholder is retired? Not necessarilly. These days, life expectancies are longer, the cost of long-term care is higher, and that mortgage isn't always retired when you are. A life insurance policy can ease the burden of an outstanding mortgage for your survivors and provide other estate-planning benefits.
The policies don't come cheap, and just because you qualify for life insurance doesn't mean Otherwise, the policy will lapse, coverage will end, and you will have wasted your money.
