Should seniors cancel their life insurance policies? Dec 15th

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Should seniors cancel their life insurance policies?

– moneysense.ca

Ask MoneySense
My husband is about to turn 60 and we have to make a decision to continue with a life insurance plan or to let it go.

We no longer have a mortgage, and we are in process of taking care of our own funeral arrangements, so our kids don’t have to worry about it.

I’ve been retired for over a year, and he plans to retire at 62.

Our question: Do we need life insurance still or should we be OK to let it go?

—Teresa

Should you cancel life insurance?

Teresa, I never want to tell someone to cancel an insurance policy. What if you were hit by a bus tomorrow?

It’s got to be your decision. To help you decide, I will give a quick review of why purchasing insurance makes sense and the two types of insurance available. You can then relate the reason for purchasing insurance to your current need for insurance.

Why do Canadians need life insurance

Ultimately, Canadians buy life insurance because they want to take care of others should something happen to them…

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