Life consists of many milestones and we cherish the moments when we achieved those milestones for the rest of our lives. Retirement can also be one of the crucial milestones, provided you managed to accumulate sufficient funds required for a stress-free life after retirement. This is only possible if the money that you earned during your active working years was invested well for the future.
Certainly, you should go for term insurance after 40. As your retirement age is far (considering 60 as retirement age) and your family is financially dependent on you, so it is essential to purchase the term insurance even if you have celebrated your 40th birthday. Though you would have to pay a higher premium than a younger person, the cost of the insurance is nothing in front of the financial support which your family will get in your absence.
Gene Perret, the famous comedy writer, once written about retirement, â€œitâ€™s nice to get out of the rat race, but you have to get along with less cheese.â€ Almost everyone looks forward to that time when they can live a worry-free life, away from the hustle and bustle of office life. On one hand, retirement gives ample time to enjoy the rest of the life; it also compels you to think: How to finance your needs?