Once you hit retirement, many don’t think they are going to need life insurance. Their children are grown up and have moved out of the house. Their spouses have the money to live on their own pensions, savings accounts and social security. Many people need life insurance after they retire.
Here are some examples, of the individuals in this situation:
Some people won’t be able to leave their sufficient liquid funds to cover some of their final expenses. Funerals can be also be very costly, and you may not want to leave your family to bear the cost. You can also buy a small life insurance policy that can cover these final expenses, which can make it easier for your family when that time comes.
If your spouse has to rely on your pension payout if you have chosen the life-only payout option, then you may want to consider using some extra pension income to buy that life insurance policy for him/her so they can access this after your death.
Those who do anticipate high estate taxes, you may have an estate in excess of $5 million. You may want to consider buying a life insurance policy that can pay the estate taxes. This is so your heirs won’t be stuck with the tax bill. Which may be hard for them to pay, especially if your other assets are not liquid.
With life insurance you have the option of permanent or by term: with permanent life insurance this can cover you for your entire life, which as by term if for a specific time period.
Talk with your agent at Brazelton Insurance Group and they will be able to advise you on which kind of life insurance the right choice for you!