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.”