Fact CheckedHey, Boomer—if you were born between 1944 and 1964, you’re technically a “baby boomer.” When writing this post, those readers were 55 – 75 years old.
I 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 examine 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!
A Closer Look At This Boomer – James Heidebrecht
So, who am I, and why do I care? I am James Heidebrecht, the founder of Policy Architects.
Hahaha, the Boomer meme does not resonate with me. I’m a rock’ n‘ roll guy who identifies with the ’70s and the Rolling Stones.
The Boomer generation is super diverse, including my inlaws, who are pretty conservative, resulting from post-WWI love, and identify more with the ’50s.
A one-size-fits-all sort of definition doesn’t cover the baby boomers.
The world has changed so much over the past few decades that it’s impossible to relegate people to a tick-box scenario, so let’s not do that.
Why don’t we review the genuine issues facing boomers regarding life insurance now?
OK Boomer, Life Insurance Ages 70 – 75
Clients Born 1944 – 1948
June 6th, 1944, was a day that changed history. D-day arrives with 155,000 Allied troops hitting the beaches of Normandy.
If you glance back at history, it’s a very different world. There were food shortages because of the war, and people grew vegetables to avoid hunger.
The average cost to buy a house is $3,450.000…
….and the end of the war is in sight.
Marriage rates increased dramatically at the beginning of WW2, so these babies resulted in those matches.
Life Insurance Needs for Boomers 70 – 75: Final Expenses
Pfft, who needs life insurance in the 70s? Lots of people, that’s who.
Unfortunately, many of my clients put off planning 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 that your debt doesn’t evaporate when you’re gone.
Many clients opt for small final expense policies to help their loved ones pay for their funerals and other expenses when they are gone.
These permanent policies are easy to qualify for and are very reasonable. Even if you have a severe medical condition, you can get guaranteed issue coverage.
This is just one of the reasons someone in their 70s needs life insurance.
Life Insurance Needs for Boomers 70 – 75: Inheritances
If you are 70 – 75, you may have some grandchildren you’d like to leave a small gift for, or you may have a charity close to your heart.
But you’ve already done estate planning, and your kids get most of what you have. A small permanent policy can be an excellent vehicle for leaving some money to a cause or a loved one.
It’s not too late to plan.
Many people shrug their shoulders at this point and believe they are uninsurable, but this is 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 70s.
If you want more information about life insurance in your 70s, click below!
“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
OK Boomer, Life Insurance Ages 60 – 69
Clients Born 1949 – 1959
This period can be summed up in one word: PROSPERITY. After a prolonged depression and war, the world is on the upswing.
Cars, televisions, and luxury goods became available to the public. In 1949, the cost of a new house rose to $7,450.
Music also radically changed from big band to Rhythm & Blues and Rock & Roll, reflecting the civil rights movement in full swing during this period.
Life Insurance Needs for Boomers 60 – 69
Life insurance needs in your 60’s are very similar to those in your 70’s. Clients want to cover final expenses and leave gifts to their loved ones and charities.
However, with changing times, things are a bit more complicated than they used to be. People later have second families and children, and some 60-somethings care for aging parents.
So, while people in their 60s used to retire, people today often have more responsibilities. Maybe even a second career that includes a new business.
Life insurance is a terrific tool for all these needs…
The 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.
Buyers should know that 20-year term coverage is unavailable through most companies after age 65.
OK Boomer, Life Insurance Ages 55 – 60
Clients Born 1959 – 1964
The ’60s are defined by US involvement in Vietnam, the civil rights movement, and hippies.
This is the decade youth fought for peace, free love, equal rights…
…the decade where JFK, RFK, and MLK were assassinated.
It was a period punctuated by violence, love, and the first man on the moon.
The average house in 1960 was $12,700
Life Insurance Needs for Boomers 55 – 60
Well, now we are talking about the Boomers I identify with.
As you can see, so much change happened over the decades, from the end of WW2 to 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, again, I recommend speaking to a great independent agent to discuss 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!
OK, Boomer! Give Policy Architects a Call Today
Ok, Boomer, Policy Architects is the RIGHT company for you. We provide boutique services to people who want to be clients for life.
Unlike call centers, we aren’t looking to fulfill quotas and know that providing excellent service means you’ll recommend us to your friends and family. This is what good business is all about.
Whether you’re at the end of your life and looking to ensure your final expenses don’t become the responsibility of your loved ones…
..or you still have kiddos at home…
We can help you save time, money, and hassle. Call us today or hit the button below for a free quote!
