Life insurance typically becomes a higher priority for people as they enter their retirement years and their children marry and start lives of their own. True or false?
Understand the Problem
The question is asking whether it is true or false that life insurance becomes a higher priority for people as they enter retirement and as their children become independent. This suggests the relationship between life insurance significance and life changes such as retirement and children starting their own lives.
Answer
True
The statement is true.
Answer for screen readers
The statement is true.
More Information
The statement is correct because as people enter their retirement years and their children start their own lives, the need for life insurance can increase. This is due to ensuring financial support for a spouse or covering potential end-of-life expenses.
Tips
A common mistake is to assume that life insurance is not needed in retirement. However, it can be useful for covering debts, end-of-life expenses, or providing a legacy.
Sources
- Personal Finance Chapter 21 - Cengage - quizlet.com
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