Once retirement hits, the only thing on your mind may be vacationing and spending time with loved ones. You have money saved up and the last thing on your mind is paying for a life insurance policy. In fact, it seems pointless to most retirees. Here are 6 reasons why that statement couldn’t be further from the truth.
1. About 70% of retirees believe they will continue to work part-time or full-time to meet their financial needs. If you have a surviving partner or spouse when you pass away, a life insurance policy can be used to replace that lost stream of income from you working part or full time.
2. With income-tax free life insurance proceeds, you can be more aggressive when spending your retirement money. This is because your assets will be replaced by the life insurance policy upon your death.
3. Getting an illness during the retirement stages of life isn’t very uncommon. Death benefits do come with your policy, and a portion of this can be used if you require additional care or develop a terminal illness.
4. The cash value of your policy can provide more cushioning if a financial emergency arises.
5. Just because you’re retired, doesn’t mean you’re debt free. For retirees that may have some debt left over, a life insurance policy can help pay it off after death.
6. If you’ve been married more than once in your lifetime, and you have multiple children from 2 or more marriages, a life insurance policy can help with the process of dividing assets between your offspring.
“Life insurance is not for those who die, it’s for those who live.” This couldn’t be more spot on. As you age and head into retirement, you may want to think harder before dropping any insurance or believing that you do not need insurance anymore. Your loved ones deserve a peace of mind when your time finally come.
If you want to discuss options or speak to one of our specialists about coverages, that’s best for retirees, feel free to give us a call at 217-345-7063 or request a quote here.