One of the main reasons why people buy life insurance during retirement is to leave something behind for their loved ones when they die. Most people do not want their family to go through financial hardship when they pass. If you are nearing retirement or are already retired but still indecisive if you really need life insurance, check the reasons below to help you make a well-informed decision.
When you die, you do not want to burden your family with federal estate taxes. It is important to take advantage of the tax benefits during retirement. As much as possible, you want to leave your family with less expenses and taxes to pay.
Cover Funeral Expenses
Paying for the funeral and other related costs can be a huge problem to the family. You are also worried of leaving them with medical bills and other final expenses. Life insurance can save them these dilemmas.
Most people are scared to outlive their retirement savings. But a set of income can cover expenses during retirement. If your life insurance comes with a cash value growth, you could use this as a supplemental income.
A life insurance can pay for your home mortgage and other major debts such as credit cards. This also covers if you are paying for a second house. Simply put, responsibilities continue even when you retire.
Leave a Legacy
There are people who prefer their charity to be the beneficiary. Did you know that a charitable gift is tax deductible? This means your gift will not face estate taxes. You could gifts to your alma mater, the local church, or to your favorite organization.
Provide Financial Protection
You want to continue giving some financial support to your family. While you wish to be free of debt during retirement that is not always the case. The good news is, life insurance can help your family pay off debts.
Cover Health Expenses
You may live longer than you expected, but what if you become terminally ill? You may not enjoy life, plus the cost of daily expenses suddenly increases. You can add a death benefit rider to your life insurance policy, in which you are able to get a portion of the lump sum to help cover your expenses.
These benefits should help you decide if there’s a right policy for you. To help you with your decision, partner up with a trusted insurance company for your needs. At Roper Insurance Services, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (828) 697-6709. Get your free quote today by CLICKING HERE.