Insurance plays a critical role in retirement. It’s a versatile planning tool than can replace income, provide an additional stream of income, or provide a legacy. When designed properly, it can also reduce future taxes, offset future long-term care costs, and provide peace of mind to enjoy retirement.
Life insurance is usually designed to take care of your loved ones after you die. Even when you are no longer receiving a paycheck, others may rely on you to meet their lifestyle needs. However, modern policies can do much more than just provide a death benefit. When designed properly, life insurance can provide significant living benefits, as well. From providing tax-free cash value to augment other sources of retirement income, to providing cash to cover long term care expenses later in life, life insurance can satisfy many retirement obligations.
Not every life insurance professional can design a policy for your unique circumstances. Most push a particular product that makes the agent the largest commission, at the expense of the buyer. Always perform your due diligence before talking with any agent to make sure they’ll only recommend what’s in your best interest.
Do you know if you have enough life insurance to provide for your loved one after you die? A significant number of seniors do not have enough coverage for their spouses to maintain their lifestyle. We can help identify if you have enough insurance and find additional coverage if you need it. For a no-cost, no-obligation coverage analysis, click here and put life insurance in the subject line.
