If you’re entering retirement, you’ve probably been looking forward to this phase of life. With more time and opportunity to relax, travel, engage in your favorite hobbies, and be with your loved ones, it’s an exciting (and well-deserved) new era.
Since you’ve most likely already realized that financial planning is an essential part of a quality retirement, the question of whether or not you should replace your life insurance after retirement is one you need to ask yourself.
You may lose life insurance coverage you have through work if you retire.1 Once you lose that coverage, you’re faced with the question: to buy a new policy, or not to buy?
You should examine your specific circumstances and ask yourself the following:
- Are you still earning outside income?
- Do you have any debt?
- Does anyone depend on you financially?
- Would life insurance help your estate?1
Depending on how you answer those questions, you can probably get a pretty good idea whether you still need life insurance in your retirement years or not. And even though we often think of life insurance as something to replace the breadwinner’s income if he or she were to die, there are more factors to consider (even in retirement), like funeral and final expenses.
If you’re wondering if you need to have life insurance during your golden years, contact a financial advisor to lead you in the right direction. Then make sure your retirement is just as grand as you imagined it would be.
- Investopedia, Do You Need Life Insurance After Your Retire, 2016
Categories: Insurance, Group Life Insurance