65 with a mortgage leads to boom in retirees taking out life insurance

People are hitting retirement with big mortgages still to pay off, and shelling out for life insurance policies in case they die in debt.

For some it’s a result of not getting on top of their mortgages fast enough.

For others it’s a matter of choice.

“We just insured a 70-year-old for $1 million because he’s just taken out a mortgage to start a new business,” says Naomi Ballantyne, head of Partners Life.


“People don’t expect to stop at 65 any more,” Ballantyne said. “The issue is not your age. It’s your need.”