Any Reason A 77 Year Old Woman Should Buy Life Insurance?
Posted July 12, 2009 – 4:17 am in: structured settlements FAQI got some helpful advice relating to long term care insurance. A follow-on question: Is there any reason for a 77 year old widow in good health to purchase life insurance? I think of life insurance being required for people on whom others rely for support/income. But if nobody is relying on your income, is there any reason to buy insurance at this late stage? Any reason to have life insurance as part of your estate?
Thanks.
6 Comments
The short answer is no — you are correct about the purpose for life insurance.
I won’t give you the long answer because it is most likely irrelevant, but there are a handful of situations — mostly in estate planning — when life insurance may make sense.
You’re asking the wrong question.
Life insurance is a tool. If you don’t have a job that you need that tool to do, you don’t need the tool.
It’s like asking, is there any reason Joe needs to buy a circular saw? NO WAY OF KNOWING. First define the job – then see if there’s a tool you need to buy.
With no minor children, if her assets can provide for her funeral costs, and she isn’t worried about estate taxes for her heirs to pay, there’s no need for life insurance. Which is darned good, because at 77, she’s NOT going to get odds.
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Even in good health, life insurance at your age would be too expensive and a waste of money. And, it could make a dangerous situation if you were to tell others about it.
In your case there is no need for life insurance.
No reason for life insurance.
There’s no harm in having it if the funds aren’t needed. If the person wants to leave a legacy of funds.