The purpose of a life insurance policy is to safeguard our assets, including our income, our health, and end of life needs, making life insurance needs in retirement essential. However, since many retirees still hold a health, home, and vehicle policy, many find themselves asking if life insurance really is necessary once they retire.
The answer to this question isn’t something that can be easy answered with a yes or no. It is something that requires thought on your part, as well as a discussion your insurance agent, who can help to review your specific needs, deciding whether or not a life insurance policy is right for you.
Reasons To Consider Life Insurance
During our working years, many people have a life insurance policy in place in order to provide or supplement their family’s income in the event there is an emergency, or death. However, once we retire, there is no income to protect, the children are usually grown and out of the house, making the only person to worry about supporting is your spouse.
Financial Security- Life insurance may be appropriate in your particular situation in the event that you have a spouse, a child, or you are a guardian to anyone who relies on you, ensuring their financial security in the event of your death.
Final Expenses- It is important to ensure you are not leaving your family to cover the costs associated with your final expenses, such as funeral costs and estate taxes, especially if your family requires your financial security in order to survive.
Talk To Your Insurance Agent
It is important that you are prepared, no matter your age. If you are approaching retirement, be sure to look closely at your life insurance needs. Since your needs are likely to change in retirement, they most likely will not totally disappear, so it is important to ensure you are giving this your life insurance needs careful attention as part of your retirement planning.
For more information and to see how Brazleton Insurance Group can help with your life insurance policy, contact us today.