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Dave Says: When Should You Get Life Insurance?

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Dear Dave,

Is it ever too late to get life insurance?

Tiffany

Dear Tiffany,

The only time it’s really too late to get life insurance is after you’re dead! But seriously, if you’re older than 70 it becomes pretty difficult to get affordable coverage, because insurance companies figure you’ve pretty much got one foot in the grave already at that point.

You can get term life insurance pretty easily up until about age 70, and there are a few policies available past that point, depending on your health situation. But you really shouldn’t need life insurance when you’re that age and older. Hopefully, you’ve invested, saved, and set aside enough money to pay burial expenses and for a spouse—if you have one—to live on after you’re gone.

—Dave

* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

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