Do I Still Need Life Insurance Once I’ve Retired?

Do I Still Need Life Insurance Once I've Retired?

Reaching retirement is no small feat. You’ve worked hard for many years and now it’s time to take it easy. And, while you were employed, you may have had a life insurance policy as part of your company’s benefits package. Now that you are financially sound, you’ve probably questioned the necessity of needing this type of policy. If you have dependents, loved ones or debt, then securing a policy may be more important than you realize.

 

Does Anyone Depend on You?

Do you have a relative that depends on you for their care and finances? Maybe you’re one of the fortunate ones whose parents are still alive and well. In either case, have you considered what will happen to their care if you die suddenly? Will you have enough to cover the costs they will continue to need? A life insurance policy will ensure those who depend on you will have the finances they need to continue their much needed care.

 

Do You Have a Spouse or Children?

Life insurance policies are designed to cover loss of income and provide security for your loved ones. After your passing, your spouse and/or children are responsible for taking care of the funeral and medical costs. By continuing coverage of a life insurance policy, your children and spouse can use these funds to pay for these costly expenses. Consult with one of our financial planners at Care Financial about the amount of coverage you may need.

 

What is Your Financial Situation?

Ideally, you will begin your retirement debt free; however, sometimes that doesn’t work out. Most retirees still have a mortgage, car loans and credit card debt. And here’s a surprising fact: retirees are one of the fastest growing groups for acquiring student loans! These kinds of debt are less likely to go away after you have passed, meaning those who co-signed are responsible for the remaining amount. The payout of a policy will cover these debts so your loved ones are not left with a substantial amount to repay.

 

Enjoy your retirement without worrying about the future for your loved ones. A life insurance policy will cover expenses without having to dip into your hard-earned retirement. If you need more information about a policy that best suits your needs, then contact a financial specialist at Care Financial today.

 

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.

 

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