OK Boomer Life Insurance Isn’t Just for Millennials

OK Boomer – if you were born between 1944 and 1964 you’re technically a “baby boomer”. At the time of writing this post, those readers are 55 – 75 years old.

I myself am a boomer, but what does that mean for life insurance needs?

People generalize about Boomers but they are a very diverse group.

So let’s take a look at how life insurance can help people in my generation achieve their life insurance goals right now.

I think you’ll be surprised to see just what a wide range of considerations there is!

So who am I and why do I care? My name is James Heidebrecht, the founder of Policy Architects.

Hahaha, the Boomer meme is not something I really connect with. I’m a rock n’ roll guy that identifies with the ’70s and the Rolling Stones.

The Boomer generation is super diverse, as it also includes my inlaws –  who are fairly conservative, are the result of post WWII love and identify more with the ’50s.

A one size fits all sort of definition really doesn’t cover the baby boomers.

The world has changed so much over the past few decades that it’s impossible to relegate people into a tick box scenario – so let’s not do that.

Why don’t we review the very real issues facing boomers when it comes to life insurance now!

Pfft who needs life insurance in the 70’s? Lots of people that’s who.

Unfortunately a lot of my clients put off planning for their final expenses until the last minute. Let’s face it – talking about funerals isn’t something most of us want to do.

So now you’re a bit older – maybe you’ve been diagnosed with a medical condition or two and you start thinking about your funeral.

Who the heck is going to pay for it? Burials are not inexpensive – not to mention the fact that your debt doesn’t evaporate when you’re gone.

A lot of my clients opt for small final expense policies to help their loved ones foot those bills when they are gone.

These permanent policies are easy to qualify for and are very reasonable. In fact, even if you have a serious medical condition you can get guaranteed issue coverage. 

This is just one of the reasons someone in their 70’s needs life insurance.

If you are age 70 – 75 you may have some grandchildren you’d like to leave a small gift to – or possibly you have a charity that’s close to your heart.

BUT you’ve already done your estate planning and your kids get most of what you have. A small permanent policy can be a great vehicle to leave some money to a cause or a loved one.

It’s not too late to plan.

I think a lot of people sort of shrug their shoulders at this point believe they are uninsurable. This is just not true.

Buyer beware. Although term insurance works for most people most of the time – it’s less appropriate for seniors. At this juncture, term becomes much more expensive and there’s no guaranteed payout. I highly suggest looking at permanent policies in your 70’s.

Whether it has a gentle name, like “final expense,” “memorial” or “pre-need insurance,” or is bluntly called burial insurance, there are a variety of plans being sold to people who want to make sure they’ve tied up all their financial loose ends before they depart this life.

Burial Insurance vs. Life Insurance: What’s the Difference?, Investopedia 

Life insurance needs in your 60’s are very similar to those in your 70’s. Clients are looking to cover final expenses and leave gifts to their loved ones and charities.

BUT with changing times things are a bit more complicated than they used to be. People are having second families and children later…some 60 somethings are caring for aging parents.

….so while people in their 60’s used to retire, people today often have more responsibilities.  Maybe even 2nd careers that include a new business.

Life insurance is a terrific tool for all these needs…

…and term isn’t out of the question although the cost should be balanced with the goals. This is why the services of a good independent agent are invaluable.

Buyer beware 20 year term coverage is NOT available through most companies after age 65.

Well, now we are talking about the group of Boomers I identify with.

As you can see so much change happened over the decades. The end of WW2 all the way through Woodstock and the hippie movement.

Divorce is a heck of a lot more common so I deal with a lot of blended families and very few people I know are remotely considering retirement.

Term life insurance is still available at decent rates if you want to go that route, however once again I recommend speaking to a great independent agent to go through your options. The older you get the better deal permanent insurance becomes.

Whether you’re looking to cover your income because you:

• still have debt and dependents
• are starting a second business and need a loan
• would like to expand a business and looking for a loan
• are creating a key person agreement or benefit plan
• looking to provide a gift to a loved one or charity
• want to take care of final expenses

Call Policy Architects today. We can help!