If you are above the age of 60, it may be difficult to find a suitable life insurance package for yourself, as the risk of you dying becomes much greater as time goes on. This risk is taken into account by insurance underwriters and actuaries and will play a role in determining the premiums that you will have to pay. Premiums are inevitably higher and the accrued cash most likely will not be any greater than the sum of all the premiums that you will have to pay.
However, if you have cash on hand, then taking out life insurance on yourself is not a problem. There are some that believe an investment in the stock market, a time deposit or mutual funds will earn you more money for a smaller initial deposit, but this is very dependent on each person’s particular situation and not a rule of thumb.
There are two main points to remember, if you’re thinking about purchasing life insurance: take it only if you have people depending on you for financial support and if you have the cash on hand to pay the premiums.
As always, consult with your independent insurance agent for current facts about the cost and return, as well as to get prices from multiple insurance companies. After all, you have every right to decide how you want to build your future, whether you have five decades or five years ahead of you!