Benefits of Low Cost Life Insurance for Retirees
Benefits of Low Cost Life Insurance for Retirees
The global economic crisis has had an impact on retirement savings. Many Americans have lost all or a portion of their retirement savings in the market crisis and are having to re-building their investments. Most are inclined towards conservative savings vehicles that can guarantee protection against future market instabilities. But it's a tough hill to climb at an age when most people look forward to enjoying their retirement and some financial security. How can life insurance help?
The controversial question has always been: Do you really need life insurance after retirement? Perhaps your company has extended a basic minimum life insurance to their employees after retirement, should you buy an additional life insurance policy? This is hard to answer because each retiree needs to assess his own personal situation to arrive at a decision. Some may definitely need to purchase a life insurance policy; some may not; and others may just need to keep their existing policy afloat.
While retirement draws up pictures of leisure and a life free from financial obligations and burdens, in many cases, there are ongoing needs and wants. Some couples have purchased a second home and have another mortgage to pay off. Some may have business debts to cover. Therefore, the need for life insurance must be assessed at a personal level.
There are several benefits of life insurance to retirees.
One of the main reasons that people purchase a life insurance policy after retirement is to pay estate taxes. If you have a large estate, having a life policy in effect, could save your spouse from liquidating a portion of your estate to pay off taxes.
In most cases, at retirement, life insurance needs are at their minimal. The children are independent and debts have been paid. You may want to consider purchasing a life insurance policy only to pay off final funeral expenses so that none of your family members are burdened by this expense. In such cases, only minimum coverage is needed.
As mentioned earlier, not every retiree is free from debt. You may still have a mortgage to pay off or you may suffer from suffer debilitating health issues, or your retirement savings may have dwindled in the economic crisis. Purchasing a life insurance policy, could free your spouse of financial burdens after you die and leave a tidy sum for a surviving spouse to live comfortably.
You may want to consider leaving your children with a beneficiary amount that could assure them a financially secure future or you could help your grandchildren get a good college education with the proceeds from your death benefits.
If you've got a permanent life insurance policy, you have the advantage of supplementing your retirement income by taking a loan against the cash value of the policy. There is an interest involved in paying back this loan but this option may come in handy when the need arises.
Knowing that your spouse will receive death benefits will leave you free from having to worry about spending too much from your retirement savings! Remember life only comes your way once, and now that you are retired there is no better time to enjoy a holiday together or do the things you have always longed to do.
If you're lucky and have more money than you need at the time of retirement, you could look at options such as taking the cash value of a life policy or consider a life settlement. You may also want to consider assigning your favorite charity as your beneficiary.
Life insurance does get more expensive as you age, but there are life insurance carriers that offer competitive rates and if you are in good health, finding an affordable life insurance policy is simpler than you would think. Purchasing a life insurance policy is easier than ever with online life insurance quote providers. Look for BBB-accredited sites that offer free life insurance quotes from reputed life insurance carriers. Receiving multiple quotes will help you get the most affordable term life insurance!
Even after retirement, life insurance could be used to rectify shortcomings in retirement savings or to compensate for financial obligations that still need to be paid. Remember life spans are getting longer, and there is a good chance that you and your spouse will live to a ripe old age. You may need to make those savings work for you a little longer without having to worry about what would be left for a surviving spouse. An affordable term life insurance policy, with a survivorship rider attached to it, could be the perfect solution.
http://www.articlesbase.com/insurance-articles/benefits-of-low-cost-life-insurance-for-retirees-4324404.html
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