Is it worth to buy term insurance for over 60 years of age?

Yes, there are circumstances where buying term life insurance over 60 years of age is worthwhile. Let’s plunge in such scenarios a bit deeper and see which broad life situations make purchasing a term plan in your senior years beneficial:

  • If your kids or grandchildren are studying and are financially dependent on you, buying term life insurance is imperative

  • In case if your spouse is dependent on your pension which would stop after your demise, you would need a term insurance plan

  • Term plan will be essential; if owing to financial liabilities, you are working post-retirement. It would provide financial security to your family by replacing your income after your demise

  • If you own a significant loan such as a home loan, opting for term insurance makes sense because if something unfortunate happens, benefits of term life insurance can be utilized to pay the outstanding debt