While many Americans make sure they have life insurance while their children are young and they have not developed solid financial savings, experts believe that people in their 50s who do away with these policies may be taking an unnecessary risk, according to TheStreet.com.
If an individual still has people that are dependent on them, be it a child or a spouse, it is important to consider what would happen to them financially, as well as emotionally, if they were to lose that support.
However, even if a person has dependents that are financially stable, their passing could still leave a spouse in financial trouble. If a couple have been planning for retirement and based those plans on the ability of two people to collect Social Security and work for another 10 years, losing half of that money could be extremely detrimental, the news source reports.
Applying for a 10-year term life insurance plan at the age of 50 may be extremely inexpensive and yet provide a substantial safety net.