Life insurance vital when working later in life

May 16, 2011

Some seniors may need to consider working later in life to stay on top of debt

A great number of baby boomers say they plan on working well past the traditional retirement age in order to maintain their income, a decision that experts say requires another look at life insurance.

In a column for the San Diego Union-Tribune, experts with the Financial Planning Association of San Diego advised consumers take several steps if they've resigned themselves to working past retirement age. Besides typical recommendations, such as staying healthy and making time for hobbies, seniors are advised to make sure they take another look at their insurance policies - including health, long-term care and life insurance.

Seniors may need to change their term life insurance policy or even buy a new one if they had originally bought one with the expectation they would retire at a typical age. Additionally, the opportunity could provide a chance to look around for more affordable rates, as life insurance costs are currently near all-time lows.

More baby boomers say they plan on working well into old age. A recent study from found 65 percent of workers over the age of 60 say they cannot afford to retire at a normal age.

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