Life Insurance in Retirement?
Posted: April 13, 2018
Throughout the journey of life we pass through different stages that require us to protect ourselves in different ways. This is dependent upon at which stage in life we are.
We are often asked the question: “Do we need life insurance in retirement?”
To fully answer this question with confidence, there are some questions you should ask yourself:
- If one or the other of you passed, or even both, will there be a financial hardship without life insurance in place?
- Are there others who are still dependent upon you?
If yes, then you most certainly should consider carrying life insurance into your retirement years.
Another question you may ask yourself: Is there a charity you would like to make a substantial donation to, a child, grandchild or other you would like to give money to by paying a little each month and giving tax-free? If yes, life insurance may still be for you.
Another growing factor is long-term/nursing home care needs along with chronic/terminal illness. This is an ever growing cost that can quickly deplete an estate.
Are you prepared financially if the need for long-term or nursing home care arises? If no, then certain life insurance policies may still be for you.
Determining the amount, what type of insurance, and for how long to carry insurance are all questions that would need to be answered and become dependent upon other financial factors. Remember, life insurance is a risk management tool, not an investment tool. Life insurance is there to protect what you have worked hard to build throughout your journey.