Lately, I’ve had a lot of clients asking about life insur- ance. Some of our clients are retiring and want to know if they can or should maintain their life insur- ance from work or replace it with a new policy. Well, everyone’s needs are different. There is no one blanket answer. Are you wealthy and need coverage for estate taxes? Do you have moderate means and just want to make sure that there is enough for final expenses? Or somewhere in between?
You see, it really depends on your individual needs. Age is usually not an issue up to around 80 years of age or so. Health will be a major determining factor in how much the policy will cost, as well as what company to use. If we discover that a client does, in fact, need a plan, we figure out what company and policy to use the same way we do with Medicare products. We run your statistics and needs through an algorithm with several companies and hundreds of plans to determine the most appropriate plan for specifically you. Some life insurance policies cover Long-Term Care (nursing home, assisted living facilities & home health care). Some plans can grow a tax-advantaged cash value. Some are guaranteed issue, requiring no health questions or exams.
Some folks have had life insurance for years and discover that in retirement, they have saved enough that they no longer require life insurance. We can talk about a variety of ways to discontinue your existing policies in a tax advantaged way and come out ahead.
In summary, life insurance can be a valuable tool in retirement or an unnecessary expense. If you want help figuring out what’s right for you, call to schedule an appointment with your trusted American Retirement Advisor.