Retirement: Should I Own Life Insurance Into Retirement?
Adrian C. Spitters, CFP?
Private Wealth Advisor | Author | Commentator | Speaker | Offering De-Risking Wealth Solutions For Affluent Business Owners, Farmers, Families & Family Estates | Contact: [email protected]
Guest Contributor: Peter J. Merrick, TEP
Retirement: Should I Own Life Insurance Into Retirement? Here's a concise guide to help you decide if life insurance is needed during retirement.
Pre-Retirement Protection: Before retirement, life insurance safeguards families against income loss due to unexpected deaths. Multiple incomes often support household needs, making life insurance crucial. It ensures financial stability, covering immediate expenses and childcare costs.
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Retirement Realities: As retirement arrives, life insurance's role shifts. Here's a checklist to help you decide if it's necessary:
1. Ongoing Income: If still earning in retirement, life insurance might not be needed unless estate taxes or a tax-free legacy for beneficiaries is a concern.
2. Final Expenses: Cover funeral costs, medical bills, and estate processing fees with life insurance if not pre-funded.
3. Debt: Keep coverage if you're paying off debts like mortgages or student loans to avoid burdening loved ones.
4. Family Dynamics: If dependents or a spouse rely on your pension, life insurance can bridge income gaps.
5. Estate Planning: For complex needs, consider life insurance's role in estate taxes, business debts, or retirement funding. Expert advice is key.
6. Cash Value Policies: Explore options if you've built cash value—adjust coverage or surrender with caution due to tax implications.
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To Sum Up: Evaluate retirement needs holistically. Seek guidance from experts. Decide if life insurance aligns with income, debt, and family obligations. Determine its role in estate planning. Assess its value in the context of your evolving financial goals.
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