As baby boomers get old and older (and somehow look younger and younger, thanks to cosmetic surgery and Botox) their needs change. When you’re in your 30s and have small kids at home, you want to make sure they’ll be all right if, God forbid, something horrible happens to you. That’s why you buy term life insurance. You need that large amount of coverage at an affordable price, but only for one part of your life.

The Old Way of Doing Things

By the time you hit 60, you need something different from insurance. You probably want enough insurance so as to not be a burden to your spouse when you pass away, but chances are pretty good that you passing isn’t going to affect your spouse’s monthly income greatly. You want coverage enough to take care of your final expenses.

A New Reality

Of course, 60 is the new 40, and that means this stereotypical situation is changing. Add to that the fact that grandparents may find themselves supporting or even raising their grandchildren on their own, and you create a mix in which the insurance needs of someone over 60 are very different than they used to be.

Identifying Your Needs

You’re an individual, and your insurance needs aren’t the same as someone else’s just because you’re the same age or gender. You need to identify what your insurance needs are, right now. If you have a small child living in the home, for example, you need more coverage than if you don’t have any children living in your home, no matter how old you are.

Finding the Right Coverage

Insurance companies have been a little bit slow to recognize this new reality in terms of life expectancy and changing social norms. While you regularly hear about someone in their 80s running a marathon, insurance companies still structure their products and their pricing as if the 60s were the final years of someone’s life.

Some companies are offering new types of coverage to meet these changing demands. There are term life insurance products, for example, specifically designed for people over the age of 60. Yes, you’re going to have to pay more in premiums than you did when you were 30. There’s no question about that. But, if you can find the right kind of product and if you’re in decent health, your premiums may be less than what you’d think.

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