Retirement Planning - Make Sure Your Life Insurance Matches Your Plan
Are you thinking of letting your term life insurance expire as you plan for retirement? For many people life insurance comes into play when they are younger. The cost is generally cheaper at this time. You will be preparing for the many pivotal moments happening in your lives, such as getting married, buying a home, raising children. All of these situations are great examples of when term life insurance comes into play. Making sure that over the coming years, as you get older and children grow up, that you financially protect your family with term life insurance. As people move out of these pivotal years, the need for large amounts of term life insurance coverage is probably going to decrease and maybe eventually people decide they no longer need life insurance.
Along the way with these pivotal life moments, you’ve probably been planning for retirement. You may have savings accounts, 401K, IRA’s, investments and property that you are accumulating to help you enjoy a comfortable retirement. Don’t forget about your life insurance policies and don’t give up on them! Even as you enter into retirement, a term life insurance policy can still provide additional needed protection. Keep in mind that term life insurance proceeds go directly to the named beneficiary upon a person passing away. So, if you are thinking of just using the assets you have accumulated to pay for needs as they arise, make sure you understand how a surviving spouse would access them for cash if you were to pass away unexpectedly.
As you make your list of assets and their current and projected value, don’t forget to review your life insurance policies too. You should have an understanding of how long your term life insurance (and any life insurance policies you own) will cover you.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.