Some reasons that people purchase or keep their life insurance through retirement are: 1) for supplemental retirement income; 2) for final expenses such as funeral, grave, and final bills; 3) to pass an inheritance to their heirs; 4) to pay estate taxes, and 5) to care for a surviving spouse, grandchild, or handicapped adult child.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
In many cases the reasons you may need life insurance in retirement are the same as the reasons one needs life insurance at any earlier age! Just because you have retired from your career doesn't necessarily mean you've stopped having responsibilities or stopped buying property or all your children or loved ones are fully taken care of.
In addition to the above if you purchased whole life insurance well before retirement and have paid all the premium necessary, you may be able to take policy loans and partial surrenders to supplement your retirement income! Of course if all you have is Term insurance this benefit does not apply.
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In addition to the above if you purchased whole life insurance well before retirement and have paid all the premium necessary, you may be able to take policy loans and partial surrenders to supplement your retirement income! Of course if all you have is Term insurance this benefit does not apply.