Retirement should be a time for you to enjoy everything you missed out on while working. The fact is, more people are continuing to work in some capacity, long after retirement age. When you do get a chance to retire, it’s up to you to make the most of it. So, what about life insurance? Do you still need it? Is it still something you want to spend your money on? You may be surprised that you don’t need your policy now as much as you did ten or twenty years ago when you bought it. This article helps you understand whether you should
Do You Require Life Insurance After You Retire?
Most people tend to purchase a good life insurance policy to help care for their families when they are younger. Once you retire, much of what you were trying to protect has changed dramatically. You may be able to cash in the bulk of your whole or permanent policy and live on the equity that you have incurred over time. Purchase a term life policy or set aside money for your final expenses, and you will have eliminated your larger monthly premium and will still have the coverage you need.
Do You Need the Same Amount of Life Insurance as Before?
After you retire, many people find that their financial needs have changed. If they have a mortgage, it’s close to being paid off. Your children are no longer at home and can support themselves. You are able to access your 401k, and you don’t have any major debts to speak of. Once you reach a certain age, it’s a good idea to sit down with your insurance agent and review your life insurance needs. You may be surprised that a large policy may not be needed anymore.
However, you will still need to consider the needs you may have. You may still have dependents like kids who are partially dependent on you, aging parents, aging elder siblings, a dependent spouse, and more whose needs your insurance must incorporate.
Can You Still Buy Life Insurance After Retirement?
It will become harder to get a whole or permanent life policy as you age. However, term policies are much easier to get and will provide you with much of what you need when you need to pay for your final expenses. Your insurance agent has several options for you to choose from that will provide you with the coverage you need at an affordable monthly price.
Determine Your Exact Requirements
Know what your needs are. Are you still taking care of a child or family member? Are all of your debts paid off? Do you have adequate investments to fall back on? All of these questions will help you determine what type of policy you need. Talking to our insurance experts at Gee-Schussler Insurance will help you figure things out. If you want a good life insurance policy, your insurance provider will be able to help.
When you are getting close to retirement age and have questions about your coverage, don’t wait to talk to an insurance expert. Call our insurance professionals at Gee-Schussler Insurance. They have years of experience and will be able to go over your policy with you to find out what type of coverage will work best for you. Call us today and set up a consultation to get the answers you are looking for.
