A look at what retirees should know about life insurance.
Congratulations! After decades of hard work, you have finally earned yourself reprieve. As you settle in to enjoy your retirement years, you will want to be able to truly relax. You can do just that if you’re able to rest easy knowing your family is protected.
When you retire, you give up your life insurance policy from your employer. Fortunately, that doesn’t have to leave your loved ones exposed; you can get your own policy! Of course, when you start shopping for a policy you’ll want to find one that fits your new retiree budget. To help you find the right coverage at the right cost, here are a few life insurance questions you should ask.
- How long will you need coverage? Just because you retired doesn’t mean you gave up financial goals. Choose a life insurance policy that keeps you on track towards achieving them. For example, if you have 10 years of mortgage payments remaining, a 10-year term life insurance policy will protect your family against those payments becoming a burden.
- How much can I buy? Because you are living on a fixed income, it’s wisest to choose a policy with fixed premiums. Both whole life insurance—which builds cash value, last your lifetime, and costs more—and term life insurance—which is more affordable but expires after its term is up—can offer you fixed premiums.
- What will my family need? After you retire, you adjust to living without a paycheck, which likely means your family has too. Even though they may not require a replacement income, you still need to make sure they have enough to financially adjust to life without you.
Do these questions just leave you with more questions of your own? If so, contact Purves & Associates Insurance Services. We have been providing life insurance for retirees in Davis, Sacramento, and the rest of California for years! For all of your Sacramento, CA life insurance needs, call us today!