Lots of us have had life insurance policy when they were comparatively young. We may even have purchased a policy upto 20 to 30 year because we wanted to ensure that their mortgage could be paid off in their absence or their kids would be well supported in case of any exigencies. Or sometime, we back may have a group insurance policy, but as we changed our job the policy melted away like a ice. In any of the case middle aged people find themselves in distress and think they don’t have a policy now. But it does not really mean that they don’t need a life insurance policy.
There some reasons why taking over 50 life insurance policy becomes compulsory.