Because most Americans are living a lot longer than their predecessors these days, life insurance products are specifically tailored and branded to older people as life insurance over 50. Society has evolved to the extent that their living standards and economic conditions have increased exponentially to the degree that, whether by default or deliberate, people can live longer, even when afflicted with illness, disability and disease.
How society has evolved
Also, many people begin their lives a lot later than their parents and grandparents did. For instance, it is no longer uncommon for a man in his early fifties to enter into a marriage contract and plan a family and home with his (usually younger spouse). And while most people still retire conventionally, there are increasing numbers of people who are working beyond normal retirement ages whether by choice or necessity. Those that are still working through necessity often did not plan for their long-term financial security, including providing life insurance cover for their survivors and non-taxable income security nets in the event of unforeseen loss of income.
The evolution of life insurance
Those who by choice work beyond traditional retirement ages, sometimes even into their seventies know that they are enhancing their lives and longevity by remaining productive. It also increases the prospects of them living healthily for a lot longer than their unproductive peers. Well aware of this, they are also better equipped to provide life cover for themselves and their loved ones. The life insurance sector has responded quickly to how society has evolved. While traditional life insurance policies are still provided to surviving family members in the event of the main bread winner dying, the life insurance portfolio of products, services and financially beneficial incentive schemes have been expanded (and continue to do so) to include diverse, new needs.
Tailor-made products are also being cultivated as anxiety and depression life insurance because of the welcome but growing awareness of clinically-diagnosed depression as an incurable but treatable and non-life threatening disease. Awareness has also been cultivated by both service providers and their prospective policyholders to provide for disability cover, particularly for productive people in their sixties who fall just short of planned retirement. Usually, the caveat initiated by life cover providers is that work-disabled people can still return to work.
Cancer life insurance also makes sense for people reaching retirement age because the chances of inheriting diseases such as cancer, diabetes and obesity (curable or non-curable) are greater. Also, life insurance companies provide their policyholders with hospital plans (with cash back incentives in the event that they remain healthy) which cover financial shortfalls and gaps in cover in medical aid schemes.
The answer as to whether people over sixty need life insurance cover no matter what their circumstances has already been answered. The answer is obvious. And because people are living a lot longer life insurance over 60 is necessary and should be a priority.
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