Let’s be realistic. If you have an adequate investment and pension portfolio; if you have made provisions for your health care costs; if you have no one relying on you for financial support, maybe, just maybe you can afford to retire.
Did you know that a healthy 65-year-old man has a life expectancy of 87 and a woman, 89; and that 38% of the men and 50% of the women will live to age 90, according to recent research on longevity risks and retirement.
So, do you need life insurance? Let’s look at three reasons you might.
I am a piece of paper, a drop of ink and a few pennies of premium. I am a promise to pay. I help people see visions, dream dreams, and achieve economic immortality. I am education for the children. I am savings. I am property that increases in value from year to year. I lend money when you need it most, with no questions asked. …
While the statistics of passing away at an earlier age is low, the financial consequences of not planning for that possibility can be high. The younger the family, the more protection you generally need. Often there is still student debt and a mortgage, as well as day-to-day living expenses that need to be addressed. Additionally young children will require years care and have future educational needs. Life insurance financially protects the family you love.
Unlike health and car insurance, many retirees opt to drop their life insurance policies when they drop their jobs. The logic being that if someone is in a position to retire, they are generally financially stable enough that their death will not leave a spouse or other loved one struggling to make ends meet. While you don’t need life insurance under these circumstances, there are a few reasons why you might want to hold onto your policy.
Most people think of life insurance only when they want to protect their family and provide a source of replacement income in the event of their death. They don’t think of it as a buffer to replace lost assets due to market volatility—for example, the market crashes and you die before you have the time to rebuild or replace the lost assets.