Reader’s Question:
Would it still be a good idea to maintain life insurance coverage even after I retire here in Cape Coral, Florida?
Chelsea
Cape Coral, FL
The best way to answer this would be to ask yourself what financial obligations would you still have or carry by the time you hit retirement there in Cape Coral, Florida. Would there still be anyone relying on you for financial support? Are you still paying mortgage or long-term debts? Or maybe you don’t want to burden anyone else with your burial or funeral expenses when your time comes? These are just some of the things that you have to consider to determine if you still need life insurance.
For most however, this particular stage in life normally has fewer financial responsibilities. You might have already put your kids through college or they may have moved out and started their own families and have jobs, you may have already taken cared of all your debts and loans, so there might be less people who are dependent on you for their needs. In this case getting life insurance overage would most likely be an entirely personal need.
Refrain from getting term life insurance as this really does not give you anything more than pure insurance coverage (unless that is what you want). You want to focus on Whole life insurance plans that accumulates a portion of your premiums into a cash-value that can be used for any future needs you may have (as a loan). It would be best to talk to a knowledgeable life insurance agent or broker about life insurance plans or burial plans that best fits your needs.
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