Life insurance at 68?

[leastprime]

Originally Posted by mathjak107

i doubt there has ever been a person who bought term and invested the difference….

no matter what they saved with term the money seeks its own level and it ends up being used somewhere else ..

usually if things aren’t forced they don’t happen .

here in a high cost of living area the higher home prices actually force a bigger percentage of income in them and so that ends up being a forced savings.

any savings not coming directly out of a check ain’t happening for most

Do you have any suggestions?

[mathjak107]

lots but i can’t say what others should do

[Bette]

Originally Posted by kbrkr

I finally retired and I am loosing my company paid life insurance. I have a whole life policy since 1974, but its a small amount ($20k). What are folks doing to provide life insurance during their retirement years? I only have a small home mortgage for debt and wife and 3 adult children and 5 grand children. Do you all try to cover your debt and final expenses with Life Insurance or do you just let your reserves cover it all.

Great believer in life insurance.

I know of a few people who had it in place and their spouses passed of unexpected illnesses and that life insurance has saved them. They were in their 60's when they passed away but prior to that very healthy and active.

If my own father had not done a viatical settlement (not sure if I spelled that right), I would be in a much better position since I had helped my parents financially. I had gone for a mortgage in the late 80's and my lender (after seeing withdrawals on a monthly basis) asked for a life insurance policy and for me to be made the beneficiary. That did happen and my brother and I both became the beneficiaries. In the mid 1990's, my dad was desperate and got 250K from the policy (we were not notified). My brother and I always made sure our mom was OK and taken care of. I did not end up with what I expected but I still believe in life insurance.

I had an Equitable employee look at my policy and she told never to get rid of it because they do not write those any more so I still have it. It is a universal whole life policy.

What I am worried about for my own future is the loss of my vision and having to go into a place (hoping not). Around my area, they run about 15K a MONTH which is crazy.