The key to a life insurance policy is the fact that it can fundamentally protect your loved ones from economic insecurity. Most personal finance experts agree that, as we age, it becomes more important to think about the long-term needs of family, which can be complicated following your death if you are the primary breadwinner in your household.
Dave Ramsey, a life insurance expert, recently penned an article for the Evansville Courier & Press, a local news source in Indiana. He answered a number of questions people had about certain policies like term life insurance and whether or not it was too late to acquire one. Ramsey responded that, regardless of your financial state, it's never a bad idea – or too late – to buy into this useful safeguard.
"The only time it's really too late to get life insurance is after you're dead! But seriously, if you're older than 70 it becomes pretty difficult to get affordable coverage, because insurance companies figure you've pretty much got one foot in the grave already at that point. You can get term life insurance pretty easily up until about age 70, and there are a few policies available past that point, depending on your health situation," the New York Times best-selling author wrote.
Ramsey went on to say that it's up to families to decide whether or not they should opt to buy a life insurance policy. A term life insurance policy, for example, is useful for those who want to protect themselves during a particular period of time, especially if they have elevated financial obligations. Ultimately, however, it may be more risky for your loved ones to go without it, as your passing could create economic problems that take years for them to resolve.