life insurance south jersey

Do I Still Need Life Insurance After I Retire? Your Questions Answered

Whether you’re on the cusp of retirement, or it’s still a distant dream, retirement doesn’t necessarily mean total freedom.

There are so many contingencies which may apply.  Beyond ensuring you have sufficient funds available to enjoy your retirement, you may still need to support family members.  You’ll also need to make plans for your final arrangements and those can get expensive.

But your investments may not have panned out as you’d hoped, reducing available funds.  You may have taken early retirement.  There are so many variables when it comes to having a comfortable retirement.

We’re offering this FAQ for those of you asking, “Do I still need life insurance after I retire?”.

So, do I still need it?

The short answer is “yes”.

Just because you’ve stopped working, doesn’t mean that your family obligations and responsibilities have changed.  Those are still there.  And life insurance can provide the support you need to continue to be the stalwart guardian of your family that you’ve always been.

How much do I need?

If you currently have a life insurance policy which replaces working income and you have other funds in place, you may not need as large a policy as you had before retirement.

But having a policy in place is security against contingencies like inheritance taxes, an ongoing mortgage and medical expenses which will inevitably arise as you age.

Any financial exposure you currently have is a good reason to have life insurance.

I don’t have life insurance.  Can I buy now?

Contrary to popular belief, if you’re not covered currently and you’re already retired, you can still buy life insurance.  Your assets may exceed the number of tax exemptions available, meaning you’re on the hook for taxes (or your heirs and assigns will be).

A life insurance policy now can handle that.

What are living benefits?

Should you become ill, your life insurance policy is there to allow you to access needed funds to cover medical expenses, without having to declare bankruptcy to pay for care, through the extended death benefit provision.

Choosing a permanent life insurance policy also allows you to put money away, receiving a better return on your investment than a CD.  This is a no-risk investment which offers you the benefit of money being there when you need it most.

A secure retirement

Everyone dreams of a retirement that’s secure, comfortable and not beset with financial worries.  With a permanent life insurance policy, you can achieve that.

At Abco Insurance, we get you quotes from 25 different companies, allowing you to maintain your quality of life and standard of living while meeting your financial obligations comfortably.

Whatever your priorities and financial obligations are, getting covered gives you and your family peace of mind for a retirement that’s spent enjoying life the way you’ve always dreamed.

You’ve worked hard all your life.  Now it’s time for you to reap the benefits.  Contact Abco Insurance to find out how you can do that without risk.

Posted in Blog.