Couples who believe they no longer need life insurance after their youngest child reaches his or her 18th birthday could leave their family vulnerable to serious financial problems, especially if the sole income-earning parent dies.
Other important factors to consider as a 40- or 50-year-old considering the purchase of term life insurance include the financial condition and physical health of a senior-citizen parent, the financial commitments that may have been made by a two income-earner household, such as a second residential property, and the day-to-day needs of grown children still living at home.
For those looking to move away from term life policies, permanent life insurance—such as whole, universal and variable life—or annuities can be an attractive alternative.
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