How much life insurance you will need after retirement depends on your individual situation.
You will need insurance for final expenses and estate planning purposes such as funds for estate fees and taxes.You may want to give one fixed asset such as a business or building to one heir and will have life insurance to equalize your estate. Perhaps to provide funds for charity or your legacy.
Generally, life insurance creates cash at death and if you need cash to conserve or create your estate, it is hard to beat.
An independent life insurance broker, who represents several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Some people feel that they do not need any life insurance at retirement. Others use life insurance to provide income during retirement, pass their estate to their heirs, pass their business to a successive buyer, pay estate taxes, and pay for their funeral and other final expenses. Most retirees lie somewhere in between those scenarios, using life insurance along with other investments and savings vehicles to maintain a balanced financial profile.
So to directly answer the question... Buy as much as you are comfortable paying for and can qualify for. NO ONE has ever said, "Now that my spouse is dead, I sure wish we had LESS life insurance money." Most always need more benefit upon the death of the insured.
However.... Stop buying "Life Insurance"! What I mean is the old "death insurance" plan that everyone knows. You die, someone gets a check. Great.... If you die. More often than ever before, we survive the cancer, heart attack, stroke, or other critical illness. What use to just kill us now only kills us financially.
There is a new generation of life insurance that you can use without DYING. Commonly called Living Benefits Life (LBL) Insurance, these plans may allow you to tap into the "death benefit" upon the diagnosis of a named critical illness (like cancer or a heart attack), or when you're not able to perform 2 of 6 activities of daily living (ADL). SO your "death insurance" can act like a long term care policy!
Talk to an agent that represents several LBL plans. UNDERWRITING is key. Buy the best plan that you can qualify for. You buy life insurance with your health... you only pay for it with dollars. If you have questions... Reach out! -gravy.
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You will need insurance for final expenses and estate planning purposes such as funds for estate fees and taxes.You may want to give one fixed asset such as a business or building to one heir and will have life insurance to equalize your estate. Perhaps to provide funds for charity or your legacy.
Generally, life insurance creates cash at death and if you need cash to conserve or create your estate, it is hard to beat.
An independent life insurance broker, who represents several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
However.... Stop buying "Life Insurance"! What I mean is the old "death insurance" plan that everyone knows. You die, someone gets a check. Great.... If you die. More often than ever before, we survive the cancer, heart attack, stroke, or other critical illness. What use to just kill us now only kills us financially.
There is a new generation of life insurance that you can use without DYING. Commonly called Living Benefits Life (LBL) Insurance, these plans may allow you to tap into the "death benefit" upon the diagnosis of a named critical illness (like cancer or a heart attack), or when you're not able to perform 2 of 6 activities of daily living (ADL). SO your "death insurance" can act like a long term care policy!
Talk to an agent that represents several LBL plans. UNDERWRITING is key. Buy the best plan that you can qualify for. You buy life insurance with your health... you only pay for it with dollars. If you have questions... Reach out! -gravy.