You may have heard that there is little need to continue paying for life insurance once you retire.
After all, they say, the reasons you had a policy—kids’ expenses, a mortgage, income replacement—most likely no longer exist. The kids are grown, you’re finished earning a paycheck, and your mortgage is paid off.
While this may be the case for many, your situation may be substantially different. For example, you may choose to help your grown children financially so Mom can stay home with the kids or so they can all enjoy a higher standard of living. Maybe you started your family later in life and still have children’s expenses on the horizon. Additionally, while you may have retired from your full-time job, you might still be working part-time to make ends meet. In these circumstances, income replacement protection would still be valuable.
Life insurance also serves more purposes than those stated above. Many people choose to maintain a policy because they wish to leave a big inheritance or bequeath a large amount to a charity. Moreover, depending on the kind of policy you have, you might be able to borrow against that policy in a time of great need or even be able to cash it in.
Retirement is a good time to talk to your insurance agent about your life insurance policy’s current or future value. Call us to schedule a review.