3 Reasons Why You May Need Life Insurance During Retirement

You may find it difficult to believe that there were times in history when the American economy soared, and we didn’t necessarily worry about every financial detail. A lot has changed, especially in the last decade.

Many of today’s consumers are keenly focused on how they spend their money, manage their careers, and plan for the future. At times, it seems overwhelming to keep a family budget, save for retirement and coordinate estate planning. Enter Eagle Group Associates, Inc.! We will spend time with you and personally recommend steps you should take during retirement.

However, there are some general guidelines. We’d call them “rules,” but in our business, there are always exceptions and unique circumstances. Nonetheless, here goes. These are reasons you may want to retain your life insurance during retirement:

Protecting income.

Providing a safety net for a spouse and a new family — or one on its way — is a traditional scenario that warrants appropriate life insurance protection. Generally speaking, if you or your family have been avid savers, you’ve probably built a nest egg that will create the retirement income stream you’ll need. But that is not always the case. You may need to maintain life insurance if your spouse, a child or family member, or a friend counts on regular inflows of cash from you.

Remember, while working for most employers, our income is protected against our injury or illness by disability insurance. This coverage goes away in retirement. At Eagle Group Associates, Inc., we’ll help you determine the best way to ensure smooth sailing for years to come.

Assisting children and relatives.

You’ve probably already guessed that this is related to the item above. But here, we’re reminding you that our economy is still fragile and fickle. Often family members “get together” to help one another during times of unemployment or major illness.

If this is the case with your family, please let us know. We’re experts at making what seems like a tenuous situation one that’s easy for you. What’s more, we care.

Unique circumstances.

There are always special needs for insurance. For example, if you had to use retirement savings to cover an unexpected cost and are only partially retired (due to financial need), life insurance may make sense. Also, events like having children later in life, remarrying, or maintaining multiple, blended families all may call for life insurance.

The good news is that Eagle Group Associate, Inc. will work through the details, research the options, and help you know whether life insurance during retirement. We promise to keep it easy, complete, and affordable.

Please speak with us before you cancel any existing policies. Coverage is more expensive as you age. Plus, canceling Term Life after the covered period doesn’t result in any savings.

What might we have in mind? We might suggest a guaranteed, level-premium, term life policy with just enough death benefit to cover a certain cause. But, we’ll want to talk to you, and ideally, meet with you in person, before we suggest anything. We make sure that all our recommendations are personalized to each client and their circumstances.

Something to consider from Jayne Bryant Quinn, writing for The AARP Bulletin of AARP.org in 2012, which still holds true, “…instead of paying insurance premiums…invest the money.” We have a world of solutions. But, we also know retirement is often a time to pursue life’s joys. That’s why Eagle Group Associates, Inc. will be there to recommend a strategy and to support your questions, and any changing needs, during your well-deserved retirement years.


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