If you have a strong investment and pension portfolio, retirement can be
an amazing accomplishment in many respects. But as you are heading down
that glorious road, you may be asking yourself, “Do I still need
You must understand that a healthy 65-year-old man has an average life
expectancy of 87, while women are 89. Based on recent research on retirement
and longevity risks, only 38% of men and 50% of women will live to the
age of 90.
So if you are heading towards retirement, the following are reasons you
may still need life insurance:
You have children or grandchildren who need your support. While grandparents provide the primary financial assistance for one out
of 10 grandchildren, 49% of parents age 60 and older still provide for
their adult child. Depending on how many children and grandchildren you
have, what happens when they come home after they graduate college? What
happens when you’re not around to pay for their expenses? Life insurance
can offer the financial help you need to put your worries about their
future at ease.
You need medical and long-term care after retirement. These expenses can generate up to hundreds of thousands of dollars out
of your own pocket. If you have yet to plan for these medical costs once
you stop working, then life insurance can help you.
You are supporting your parents. Out of all the adult children who are supporting their parents who are
65 or older, 50% of the parents require help with daily activities.
The best solution for your financial worries is to obtain permanent life
insurance. Unlike term life insurance, permanent life insurance offers
lifelong protection if you pay your premiums. Since it is designed to
last a lifetime, it can accumulate cash value, which is available for
access while you are still alive. Cash-value life insurance provides financial
security and peace of mind.
For more information about permanent life insurance,
contact Life Specialists, Inc. today.