3 Reasons You May Want Some of Your Own Life Insurance in Retirement (and what type makes sense)!

(don’t forget to checkout the video too)

A lot of people have some life insurance through work and wonder what they should do when they retire.

The first question I would ask is, “do you even need it anymore”⁉️

For a lot of people in retirement they don’t have a need for life insurance anymore 🤝

However, here are 3 reasons you may want (some) life insurance IN retirement:

✅ A Legacy Goal

If you want to leave tax-free money to loved ones, then you likely will want some life insurance to effectively transfer wealth to your loved ones.

The best type of policy for this is usually a joint-life, estate-type policy, or some type of low-cost indexed policy.

This will provide the maximum death benefit with no real cash value, and will be the most effective way to transfer tax-free wealth to somebody you love. ❤️

(note: this should be a secondary goal to your own retirement plan) 💯

✅ Long-term Care (+ legacy)

If you’re looking to provide a leveraged benefit for a possible long-term care event then an indexed universal life policy with a long-term care rider is best way to accumulate cash value and grow your benefit for long-term care.

What’s really nice is that if you don’t need the long-term care portion, this serves as a great way to pass along the value of that contract to your loved ones tax-free as well!

✅ Income Replacement

Let’s say you have a pension but the survivor benefit is only 50%….

That means that the surviving spouse loses half of the pension income if you were to prematurely pass away.

This can be a devastating situation for the surviving spouse…😫

He or she not only loses the love of his or her life, but now also loses the bulk of their retirement income 😟

The best way to cover this gap is to provide money that can be used for income replacement for the surviving spouse.

The best type of policy for this is likely a term or universal life policy that has a large death benefit with a smaller premium (and no real cash value).

There are a lot of ways to structure life insurance contracts, so it’s important to know what YOUR goals are.

Let’s chat 💬😎