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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] Because unlike you and me, lots of people are financially irresponsible, live above their means and don’t have adequate savings even by their 60’s. I’m shocked how many people take out a new mortgage to buy their retirement home and/or still have adult children on the family dole, still carry large car payments, etc. [/quote]
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