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Reply to "Life Insurance for mid-50s"
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[quote=Anonymous][quote=Anonymous]The point of life insurance is to cover costs that was ordinarily being covered by the (deceased) spouse's income. For example, for a person in their 30's with 2 small children and a mortgage, it would cover paying off the mortage, putting the kids through college, and then some. Why does a 60+ year old person need life insurance? Their house is probably paid off, and the kids are out of college by then. Any 401k's and IRA's would transfer to the surviving spouse. [/quote] Your last paragraph is where you fall down. A 60 year old person may plan to work to 70 and is counting on that income. Maybe the house is not paid. Maybe they had kids later and still in college. Maybe there is only limited retirement. That is why we can’t say if this is right or wrong. Too many things we do not know. [/quote]
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