You can take life insurance at any age, but in your 50s it takes on additional importance, especially given its role in estate and retirement planning. Whether you want your family to have a tax-free lump sum amount for their future financial security or use an insurance payout to cover debts, taking life insurance is a wise step.
Your 50s are a crucial time to set retirement plans and take care of major financial obligations. Life insurance can help your family deal with these obligations in your absence without incurring any financial losses. However, it is important to be mindful of a few factors when you choose life insurance at this age.
Although life insurance is a financial protection policy, in certain cases standard life insurance policies may not be suitable. This article explores factors you need to consider when taking life insurance after 50.