Often times, people think that once they retire that there is no need to continue carrying a life insurance policy. For some, the purpose of their life insurance policy is to replace lost income in the event that they pass away unexpectedly, before retirement, replacing necessary income.
However, if you are no longer working, and you no longer need to replace such income, there is may not be the necessity of a life insurance policy, or is there?
If your financial situation is not secure, you may want to consider continuing with your life insurance beyond your retirement.
Here are several other things to consider before doing away with your life insurance policy upon your retirement:
Do you have debt? If you are in debt and are paying off large loans, you might want to consider maintaining a life insurance policy. One example is obtaining a policy that expires when your payments are scheduled to end, which ensures that your family will not be burdened with your debt upon your passing.
How will you pay for end-of-life expenses? Life insurance policies are a good way to help pay for end-of-life expenses. From funeral costs, to federal and state estate and inheritance taxes, a life insurance policy will ensure your family will not be responsible for doing so with their own money.
Do you have dependents? If you have a disabled child who will need ongoing help, or you will need to pay for an assisted-living facility, or even medical expenses, then you may wish to invest in a life insurance policy to help ensure your dependent is cared and provided for.
For some, life insurance policies may not be a necessity. However, it is always best to consult with your insurance agent before making any decisions when it comes to your insurance policies.
From life insurance, to personal insurance, to transportation insurance, contact Brazelton Insurance Group today for help with any and all of your insurance needs.