Life insurance is usually meant to cover your needs from young adulthood up to until your retirement years—but can there be a need for it when you’re well into your 50s or 60s? For those anticipating extended mortgages, delayed retirements, and supporting children who may not be self-sufficient yet, it might be a smart option to invest in life insurance!

As you start putting your retirement plan together, working with an insurance broker will allow you to integrate the role of life insurance into your arrangements.

The Most Valuable Assets for a Stress-Free Retirement

There are three factors affecting the changes in people’s retirement plans. Age is a significant one, mainly because people are living longer than in previous decades, with most going well into their late eighties and early nineties!

Secondly, there is the matter of overall healthiness. People in their older years now tend to be in better overall health, resulting in a transition into retirement rather than an outright halt of working life. Many choose to do part-time work or pursue entrepreneurial endeavours or continue their careers well past the age of 65.

The most significant concern for changing retirement plans is mostly attributed to financial concerns. As boomers head into their retirement years, they’re finding that they have more debt and dependents compared to the generations that came before them. There is a need to extend financial support to pay off the rest of household debts, and children between ages 18 to 39 that are affected by student loan debts and a tough job market.

Choosing the Right Life Insurance Benefit for You

These new sets of financial challenges and responsibilities are causing people nearing retirement age to reassess their need for life insurance. Dependents are likely to be financially affected when you pass away even after the age of 70 or 80, so ensuring that your coverage extends to them is a crucial part of your retirement plan.

Fortunately, life insurance is more readily available and affordable for people of different ages and concerns. Those approaching retirement age can choose whether their coverage will be permanent or term, depending on specific needs.

Permanent insurance is appropriate for those who have a more permanent objective. Perhaps they want to leave behind something of value for their heirs or continue support for a relative with special needs who will require lifelong care. This type of insurance will last until your passing and comes with a death benefit with regular payment.

On the other hand, term insurance refers to coverage that is more temporary, usually ranging from anywhere between five to thirty years. This is best for those who are older but still have some years left on their mortgage. To prevent a great financial burden from affecting your family, you can opt for something like a ten or 15-year term insurance policy as a cost-effective way to cover your short-term needs.

Other Considerations

When looking for life insurance agents near you, make sure they can help you critically examine the policy details to really lay out the costs and benefits that are guaranteed. Some benefits are dependent on the insurer’s dividends or asset returns. You don’t want to be caught off guard by any surprise costs while depending on your fixed retirement income.

There are also some opportunities that you may not be able to take advantage of without your agent’s insight. For instance, some permanent life insurance policies offer long-term care riders that will enable you to use some of your death benefits to cover some costs, such as those anticipated for nursing homes.


Retirement policies and planning for pre-retirees in this day and age look quite different from previous generations’ retirement goals. As more people live and work for longer, they also shoulder greater financial responsibilities that may outlive them, depending on the circumstances. By getting the right coverage needed as part of your overall insurance plan, you protect yourself and your family from any significant financial burdens, especially when you are no longer here. It’s not too late to secure for the future if you’re closing in on retirement age, especially with the right life insurance plan.

Here at Alberta Wealth Management Inc., we provide a one-stop-shop for financial services and products, including life insurance, disability insurance, employee benefits, Guaranteed Investment Funds (GIF), and more. For dependable life insurance in Alberta, call us today!