Hitting retirement age is a huge milestone and a significant accomplishment. Many families plan and save for half their lives to be able to relax and enjoy their retirement years. Often the attitude towards a life insurance policy is that if you've made it this far, you're safe and don't need the coverage anymore. While an understandable sentiment, going without life insurance at this stage in the game could be a mistake. If you're over 50 and retired, or thinking about retirement, here is why a life insurance policy is still a good idea.
Life Insurance Policy for the New Retiree
Life insurance is a safeguard against future financial losses due to unforeseen events. If you think about it, when you're in the beginning stages of your retirement years, you actually have a lot to lose. You've built up a hefty savings and investment portfolio, possibly have some property, and are looking forward to spending time enjoying life.
Many retirees aren't just resting on their laurels, though. Some in their 50's and beyond are starting new families, taking grandchildren into the home, and starting post-retirement careers. These factors mean that there is still some need to have life insurance in place for income replacement to take care of beneficiaries.