subject: Retirement Life And Health Insurance Considerations [print this page] When you plan for retirement, you will have a lot to consider. The first thing that most people worry about is their retirement income. However, a very expensive, and important, part of your plans will be insurance. Those premiums can really eat up a lot of any retirement budget. Retired people need to worry about a variety of coverage. Life and health insurance are two of the big types of coverage that concern most retired people. Have you figured out how you are going to handle your coverage during your retirement years?
Will life insurance benefit your retirement? This is one of those questions that does not have one simple answer that is correct for everybody. If you have plenty of savings, and your obligations are covered, you may not need to have any life insurance. However, a life policy can be a handy tool for retired people. Life insurance can help you with a lot of things. Many people use life insurance for retirement planning today.
Some people use their life policies to accomplish several different things. Of course, the primary reason that most people purchase a policy is so they can pass on a death benefit to beneficiaries. The beneficiaries can be spread about between your family, a favorite charity, or a business.
Life insurance policies have other uses and benefits too. Some use one to build an asset that they can rely upon while they are still alive! You may even have an option that will provide you with money in case you get sick. You really need to find out if a life policy can benefit you before you discard the idea.
Of course, retirement health insurance is another big concern. In fact, concerns over health insurance is one big reason why many people delay retirement.
In the US, most older people qualify for Medicare. This is the large federal health insurance program that provides coverage for seniors and disabled people. As most of us know, Medicare will not cover everything. Even covered services may still generate out of pocket expenses. Some people choose to purchase supplements to control these additional costs. This will be another cost.
You should also realize that Medicare does not cover the expense of long term nursing care. You may want to consider buying a long term care insurance policy to help you pay these bills if you ever need long term nursing care. This is, of course, another expense. You must balance the cost of the policy against the cost of the nursing care you may need.
You do not have to buy every retirement insurance policy that you see. But it is wise to consider your needs, and how a policy may benefit you before you ever need to worry about making a claim.
by: Marilyn Katz
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