Do I Need Life Insurance Once I Retire?

Determine if you should consider keeping life insurance once you retire. 

You’ve waited a long time to reach retirements and you’ve worked hard. However, just because you’re retired doesn’t mean you’re financially sound. There are many situations that could have changed over recent years, from a nest egg that isn’t sufficient to developing an expensive health condition. Additionally, you’ll need to consider your final expenses and how you can avoid leaving your loved ones with costly bills once you’re gone. Generally, if you owe someone, love someone, or someone depends on you financially, you will need life insurance.

Do I need the same amount of life insurance coverage as I did before? If you bought the life insurance to replace income and have built up your investments, you may not need as much coverage you did when you were working. On the other hand, if you have built up your investments over the years, there may be some federal or state inheritance tax to consider. You will also have to consider expenses such as probate costs, admin fees, and there may be a final debt on the house, too. If you have any financial exposure, you will need life insurance to match up with it.

Can I buy a life insurance policy in retirement? Just because you are retired doesn’t mean that you’re uninsurable. Working with a professional life insurance agent means that you receive the help you need to secure quality life coverage. Life insurance can step in to cover a wide range of situations, and you can still benefit from coverage once you reach retirement.

Looking for the right life coverage? For help securing life insurance in your local area, visit the team at Tompkins Insurance Agencies.