subject: Do Retirees Need Life Insurance? [print this page] Many people who are retiring office have to take a substantial hit in their income. This means that people have to budget a great deal more at the end of their lives.
Unfortunately, many people who are retired or soon to be retired think that life insurance is on the short list to be cut. Many people do not take an adequate assessment of the advantages that life insurance provides to a more elderly person.
It is not uncommon for soon-to-be retirees/retirees to still be well into their mortgage payments. Although individuals and couples that are retiring have to somehow budget themselves on less income, the mortgage payment stays the same. Life insurance can go a long way in protecting the livelihood of the surviving spouse if one spouse suffers a fatal emergency.
There are also many end-of-life expenses that many retirees do not consider when they shortchange their life insurance in the name of budgeting. Some of these end-of-life expenses include -
- funeral costs
- end-of-life medical costs
- the cost of asset transferal to dependents and beneficiaries
The question for retirees should not be if they need life insurance, but rather which life insurance company will give them the best deal. When it is time to choose between the many life insurance companies that are available for retirees, an online comparison is usually the best way to compare different companies side-by-side.
Before the rise of the Internet, the only way to compare life insurance companies would be to individually visit with an agent of each company. Of course comparisons can be confused with this kind of subjective information. One company may present a person with a program that cost less, but also provides less. It is difficult to determine a true value for a life insurance program unless it is compared side-by-side to other comparable programs with fully objective information.
Going through this process of purchasing life insurance will also prepare you for the next steps in your life. As a point of purchasing life insurance, you will have to make sure that your information for beneficiaries and dependents is in order. This is of the utmost importance, because if this information is not in order before something happens, assets can be transferred to the wrong places and the work of your life can be misplaced.
If you are retiring soon or you have already retired, make sure that you have your life insurance policy in order. Nothing is more important than protecting the work of your life with the proper insurance policy, and there is no short-term monthly expense that is more important than your legacy.
by: Shaun Greer
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