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Retirement offers a different lifestyle as well as financial focuses.
Life insurance is designed to protect your spouse and children from suffering financial stress in the case of your untimely death. However, once your children have become self-sufficient, and you and your spouse accumulate significant assets, there’s less of a need to keep paying for life insurance premiums. A commonly asked question is: do retirees need life insurance?
If you’re approaching retirement and the nest is empty, and the mortgage is close to being paid off, should life insurance be a part of your retirement planning?
Here are a few reasons why retirees need life insurance:
Pension replacement. If a significant part of your retirement income is furnished by your pension, you might need life insurance if your spouse or another dependent cannot receive your pension after your death.
Estate planning. Life insurance death benefit could be used to pay estate taxes instead of selling assets at an inopportune time.
Protect against stock market downtowns. A market crash could affect your investments negatively. Cash value life insurance could provide a backup plan if your portfolio value goes down so much that it reduced your income stream and impacted your lifestyle.
Cover unexpected expenses. A cash value policy could help you to pay for unexpected expenses either by withdrawing some of the cash value or by taking a loan against the policy.
Assets for your family. You could use your life insurance death benefits for an even distribution of financial aid for your loved ones.
Life insurance is there to give you peace of mind and to protect your loved ones once you pass. Are you ready to get started on securing the right life insurance policy for your retirement? Contact All Nevada Insurance for all of your Las Vegas, Nevada insurance services.
