Life insurance for over 50, do you really need it? This question appeared several times and was asked by many people. Do we need life insurance for people over 50 years old? The answer is simple, it depends on the purpose. If you look at the concept of insurance, it might not be necessary because after all people over 50 years old have no economic burden anymore when they pass away. But if you look at the other side of the point of view, yes it is still needed. What for? For inheritance to their children who are left behind, life insurance is still considered necessary if it is aimed at inheritance.
What if other insurance such as health insurance and critical illness insurance? Is it also a need for people over 50 years old? For health insurance, the answer is easy, that is necessary! Which logic is more susceptible to people with illness in productive age or older people who are in their 50s or over? Health insurance for older people is still needed until someone dies. The next question will be what about critical illness insurance? This is optional; you can take it if you have more budgets, especially for your parents. However, at least the health insurance should be able to cover medical expenses caused by cancer treatments. Now, buying a health insurance, especially plus critical illness insurance can be something for financial plan. The premium must be expensive, right? In fact, on average, life insurance for over 50 may cover up health insurers only up to the age of 70 years. After that, it cannot be extended anymore. Well, you can, however, buy this type of insurance for your parents, so that if something bad happen to the, you will not have to think too much about the money.