Whether life insurance is needed in retirement depends on the person. I just spoke with an 80 year old woman this weekend who decided to cash in her final expense life insurance policy because she discovered that a small annuity (from which she does not need the income) will pay a similar death benefit. Most life insurance agents will talk to retirees for free, and can help you determine whether life insurance can save on your taxes, help make your passing less traumatic, enable family members to carry on your business, etc. Or they can help you decide whether life insurance is no longer needed in your situation. Either way, you can make well informed choices about your money and not have to worry if you are doing the right thing.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Ultimately the question is, "How will my passing effect those that I love." Many people want their personal affairs to be completely in order, bills paid and allowances made for final expenses. Many leave a spouse, whose care is a concern. Some want to be remembered by relatives or charities. Very few people pass with too much life insurance.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, indeed! Here is how you can make sure:
Answer this question: how can you have your cake and eat it too when you decide on your pension distribution?
If you take the highest monthly income, it will not pass on to your spouse if you predecease him/her.
But if you distribute the pension over both your lifetimes, then the monthly amount will be lower.
Why not take the highest income for your life only - and also buy life insurance to replace the lost income for your spouse?! When you pass on, the pension money will be lost, but the life insurance benefit will be paid.
This way you can both have all the money you need - right when you need it!
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Answer this question: how can you have your cake and eat it too when you decide on your pension distribution?
If you take the highest monthly income, it will not pass on to your spouse if you predecease him/her.
But if you distribute the pension over both your lifetimes, then the monthly amount will be lower.
Why not take the highest income for your life only - and also buy life insurance to replace the lost income for your spouse?! When you pass on, the pension money will be lost, but the life insurance benefit will be paid.
This way you can both have all the money you need - right when you need it!