You probably understand why you needed life insurance at a younger age, but what about when you move on to your next stage in life and retire? What do you do then?
There are many reasons why you could still need life insurance:
- Burial expenses – the average funeral in the US costs between $7,000 and $10,000, and that doesn’t include the cost of the plot or cemetery services. Fortunately, there is a type of whole life insurance called final expense which is frequently utilized for these situations. Policy death benefits typically range from $5,000 to $50,000. Usually, all that is required for coverage is a questionnaire and phone interview
- Outstanding expenses – Can pay for a range of things such as a 2nd mortgage, loans, medical costs, or loss of income
- Supplement income – The average retirement account balance for investors between ages 55 and 64 is $104,000. If that seems like a lot, the $104,000 translates into only $310 per month for life. A life insurance policy could ensure the surviving spouse has money to continue his or her standard of living
- Pension maximization – you have a pension through your employer and want to maximize your payout during your life and leave your spouse with more money upon your death
- Leave a legacy – would like to leave a tax-free income benefit to your children or grandchildren? Life insurance can operate that way and fulfill that desire.
Many adult grandchildren ask us if they can purchase a policy on their grandparents. Yes, they can. We discuss more here.
Your need for protection doesn’t stop at life insurance. Most likely, you are thinking about a Medicare Advantage policy, a Medicare supplement plan, or even a dental and vision insurance plan to complement your situation. Or, a long-term care insurance plan? Or even ways to properly shield your assets from nursing home costs.
Already know what you need? You can apply yourself!
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