QUESTION: Tiffany on Twitter asks if it’s ever too late to get life insurance. Dave explains.
ANSWER: Yeah, there are certain ages they don’t want to issue life insurance because they pretty much think you’ve got one foot in the grave. You can pretty easily get term life insurance up until about age 70, and there are some policies available later than that depending on health and other things.
You really shouldn’t need a lot of life insurance when you’re 85 years old, assuming you have enough money set aside to cover burial and someone you’re leaving behind is not depending on your income to eat with, like a spouse, I guess. Hopefully, you’ve gotten rid of your debts by then, and hopefully you’ve saved a lot of money by then. It’s technically not ever too late, but when you get much past 70, it gets very difficult.