Should You Have Life Insurance during Retirement?

Ah, retirement! You’ve worked a number of years, paid into Social Security and hopefully a 401(k), IRA, or other savings program. Now that you are getting ready to call the Social Security office and start making withdrawals from your retirement savings you may be looking for ways to cut expenses. Life Insurance may be on your expense cutting list.

Before you make that choice, talk to a professional. If you are married, for example, did you know that if you or your spouse dies there will only be one social security check for the surviving spouse? One person can live on less than two, but frequently not that much less. Having a life insurance policy in place during retirement can replace that missing social security check for a number of years, in addition to paying for unexpected final expenses.

Additionally, if you choose the new type of life insurance with chronic illness benefits, you may be able to access your policies death benefit, while you are alive! If you need assistance in a long term care facility, or home health care, accessing this value during your lifetime can be a tremendous benefit to your spouse and others who care for you.

Ask us for a Retirement Checkup of your life insurance policy.

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