Many consumers are under the misguided assumption that life insurance strategies are solely for the wealthy. We’re here to tell you that this could not be further from the truth. At IntelliQuote we’re always excited to share tips and tricks to help you get the most out of your life insurance protection; today’s topic is no exception. If you’re one of the millions of Americans nearing retirement with a less-than-adequate pension, we’ve got some good news! The right life insurance policy might be exactly what you need to close the gap.
Protect Your Survivors
Many Americans who once planned to leave their survivors with a healthy inheritance are now forced to draw upon some of that hard earned savings. An example of this would be a retired couple who is forced to take a reverse mortgage when their pension and investment income is no longer keeping them afloat. Rather than completely depleting their children’s inheritance, the couple can purchase a life insurance policy. Policy benefits can one day be used to preserve the value of the couple’s home, enabling them to leave their children with an inheritance after all.
Think Long Term
Furthermore, the nature of a pension can leave a surviving spouse in a difficult situation. An example of this would be a couple who depends on the husband’s pension for a large portion of their retirement income. Should the husband pass away first, the wife would be left without the stability of his pension income. In this case we would recommend that the couple purchase life insurance, to make up for the loss in income, in the event that the wife is widowed. Because life insurance can be very difficult and expensive to secure later in life, this is a scenario we encourage couples to consider at a young age. Take the time today to consider your retirement plan. Will either you or your spouse be in financial turmoil if the other passes away after retirement? If the answer is yes, lock in the coverage you will one day need, today!
If you fear that you or your spouse may face similar financial strain in retirement, we urge you to explore your options! Contact IntelliQuote today, allow us to help you compare policies side-by-side.
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We also encourage you to read these recent posts:
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