I got some helpful advice relating to long term care . A follow-on question: Is there any reason for a 77 year old widow in good health to purchase ? I think of being required for people on whom others rely for support/income. But if nobody is relying on your income, is there any reason to buy at this late stage? Any reason to have as part of your estate?

Thanks.

 

  • MVD34 5:06 pm on February 18, 2010

    The short answer is no — you are correct about the purpose for life insurance.

    I won’t give you the long answer because it is most likely irrelevant, but there are a handful of situations — mostly in estate planning — when life insurance may make sense.

  • src50 5:06 pm on February 18, 2010

    No reason for life insurance.

  • Insurance Pickle.com 5:06 pm on February 18, 2010

    There’s no harm in having it if the funds aren’t needed. If the person wants to leave a legacy of funds.

  • mbrcatz 5:06 pm on February 18, 2010

    You’re asking the wrong question.

    Life insurance is a tool. If you don’t have a job that you need that tool to do, you don’t need the tool.

    It’s like asking, is there any reason Joe needs to buy a circular saw? NO WAY OF KNOWING. First define the job – then see if there’s a tool you need to buy.

    With no minor children, if her assets can provide for her funeral costs, and she isn’t worried about estate taxes for her heirs to pay, there’s no need for life insurance. Which is darned good, because at 77, she’s NOT going to get odds.

  • car253 5:06 pm on February 18, 2010

    Even in good health, life insurance at your age would be too expensive and a waste of money. And, it could make a dangerous situation if you were to tell others about it.

    In your case there is no need for life insurance.

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