Do you have a pension portfolio, adequate investments, provisions for your health care costs…
A healthy 65 year old woman has a life expectancy of 89 and a man, 87. With the advances in modern medicine and technology men and women alike are living even longer!
So, do you still need life insurance as you’re heading toward retirement? Here are a few reasons you might.
1. You have children and/or grandchildren—who may need your support. How much will it cost to raise a child to age 17? In households with income over $105,000, it’s estimated to be $399,780, per child. Without college expenses. Combined expenses may be $650,000 or more. How many children do you have? What happens when they come home to live after they graduate? How long will they stay? What happens if you’re is not around to pay these expense? Do you have adequate life insurance?
Grandparents provide the primary financial support for one out of 10 grandkids. It’s noted 49% of parents age 60 and older are still providing financial assistance to an adult child. Is there still a need for life insurance protection? Absolutely!
2. You’re supporting your parents. What about adult children who are supporting parents who are 65 or older? Some 15% of people age 40 to 59 are providing this support while still raising a young child or an adult child. For people 60 and older with a living parent, 50% of the parents need help with day-to-day activities. Does the caregiver still need life insurance? What happens if the caregivers are no longer around?
3. You’ll need to factor in medical and long-term care costs in retirement. The average 65-year-old couple will spend thousands of out-of-pocket dollars in medical expenses during retirement. Have you considered long-term care in your retirement planning?
“…the truth is that government health care programs may cover only a small part of the costs for a nursing home or other specialized residential care facility or perhaps none at all depending on the circumstances. This means that individuals – or their families – will have to pay for a significant portion of the costs associated with a long-term care situation out of their own pocket”, The Globe And Mail, October 2015.
Permanent life insurance accumulates cash value, which you are able to access while you’re alive for whatever financial needs you might have.
So let’s come back to life insurance—permanent life insurance, which is also known as cash-value life insurance. Permanent insurance, unlike term life insurance, provides lifelong protection, as long as you pay the premiums. Because it is designed to last a lifetime, permanent life insurance accumulates cash value, which you are able to access while you’re alive for whatever financial needs you might have.
It will be there when it is needed most and provides guarantees, versatility and flexibility for your changing life situations. Cash-value life insurance provides security, dignity and peace of mind and solves the risk problem for pennies on the dollar.
Whether it’s your child, a grandchild, a loved one, or protecting your hard earned money/assets, providing protection and continuity when you’re gone is your responsibility. Life insurance protection is the solution.
Contact us at firstname.lastname@example.org for a discussion.