When people think of life insurance, they tend to think about young families raising small children. Chances are good that you bought—or at least considered buying—life insurance when you were younger to help meet the financial needs of parenthood. But now that your kids are grown and you’re retired, do you still need life insurance?
In many cases, the answer is a resounding yes. Life insurance is a great way to fund your final expenses, leave a financial legacy to your loved ones or even donate to your favorite charity. So even after retirement, life insurance can still be a beneficial investment. Here are three key reasons explained in further detail.
Apart from the costs of a funeral, casket and headstone—which can easily run into the range of tens of thousands—your family will also be responsible (in many cases) for any debts you leave behind. Still paying off a car or mortgage? Your life insurance policy can help your loved ones pay off those loans, after covering the cost of your funeral. This, of course, depends on the size of your policy.
Beyond paying for your final expenses, your life insurance policy can be used to leave behind money for your loved ones. This may be especially helpful if your spouse (or another loved one) requires assisted living. Or, if you’d rather, you can list a preferred charity as a beneficiary to give back to the community after you’re gone.
Social Security Supplementation
If you and your spouse live off of social security checks, you may have grown accustomed to a simpler lifestyle than you had before retirement. What would happen if you died and your spouse’s source of income was chopped in half? Could he or she continue to make ends meet? Life insurance can provide a supplemental income so your spouse can continue living in comfort.
If you’re interested in purchasing life insurance—or you simply want to review your current coverage—contact your independent insurance agent for personalized assistance.
Protect the financial future of your loved ones. Call CCI Insurance at 530-458-8831 for more information on California life insurance.