If you're visualizing retirement on the horizon, you may be doing (and researching) all you can to ensure you have enough money squirreled away to sustain you through decades of retirement. While a term life insurance policy can often be a valuable investment for a couple just starting out, approaching the end of your earning years (and a more risky age bracket) could lead you to believe that adding a term policy to your portfolio isn't a wise move. However, there are some situations in which a term life insurance policy could provide some benefits to your family that simply aren't available with other insurance or investment vehicles. Read on to learn more about investing in a term life insurance policy when you're planning retirement in the next few years.

What are the potential benefits of purchasing a term life insurance policy in your fifties or sixties?

In many industries, your fifties and sixties may be the highest earning years of your career. This provides a boon to retirement by allowing you to save a sizable percentage of your salary, but can leave your spouse or surviving family members in the lurch if you happen to pass away before your planned retirement. Purchasing a term life policy can help protect your estate well into your retirement years and will ensure that your spouse isn't forced to make painful financial decisions while still grieving your death.

Term life can also become much more expensive (or even unavailable) once you approach age 65, so if you decide purchasing is in your best interest, it's better to pull the trigger sooner rather than later. The only situation in which waiting to purchase life insurance may be worthwhile is if you're taking an action to reduce your insurance risk within the next several months (like quitting smoking or lowering your blood pressure or cholesterol using medication). 

Are there situations in which purchasing a term life insurance policy doesn't make sense? 

If your budget is already tight due to college expenses for your children, medical bills, or other expenses, shelling out for a life insurance policy may not be the best use of money. Although many in their fifties and sixties (especially those in good health) are able to obtain a term life insurance policy for a reasonable amount, those who have a family history of early mortality or certain health issues could find themselves priced out of the insurance market. If this is the case, placing an equivalent amount into a taxable savings account each month could provide you a better (and more liquid) return on your investment.

To buy a term life insurance policy, contact a company such as Family Focus Financial Group.