In a perfect world everyone would buy life insurance when they are young. However, sometimes money is tight and cannot be spent on something that will only pay off when you are dead. Perhaps when your financial situation becomes better is when you want to start buying life insurance. But can a person become too old to invest in life insurance?

“The short answer is yes,” Matt Rowles, a director in advanced marketing for individual life insurance at Prudential Financial, told NASDAQ. “Old age and poor health will certainly drive up the cost of insurance. If it drives it to a point where it makes little financial sense, that is probably the point where life insurance is not appropriate.”

You also have to think about your children. If they are financially secure, it probably does not pay to get life insurance if the premiums are prohibitive.

However, some people just want to leave a legacy.

“It could be someone you care about, like your children or grandchildren,” said Gail Linn, a Certified Financial Planner with MetLife.  “Since life insurance death benefits are income-tax free, it is a great way to leverage your dollar and leave money to someone you care about. Not only will that give a child a start in life — between taxes and inflation and everything else that is happening in this economy — but they could think kindly of you.”

If you are intent on getting some kind of life insurance, shop around; there are many different policies out there.

For example, you get a standard policy that pays a beneficiary after you die.

But you might want to consider a policy that will directly help you. There are plans that will pay for a nursing home or for in-home assistance if your health fails and you need help.

Whatever you decide, a little insurance is never a bad thing.