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 life insurance?”
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.