Do I need life insurance after I retire?

Life insurance is one of those things that most people don’t talk about or completely understand. Everyone knows that if you have life insurance and you die that the policy will pay a benefit to the beneficiary of the policy. But as you near retirement or if you have already retired you may be asking yourself "Do I need life insurance after I retire?".  The experienced agents at Silverton Insurance Specialist LLC will be happy to discuss this with you. 

Life insurance is never one answer fits all. The question of whether or not you need life insurance after you retire is dependant on several factors. What will you be doing in your retirement, do you still have a mortgage and do you have dependents. 

Just because you are retiring or thinking about retirement, it doesn’t mean that you don’t need life insurance. If you have already prepaid your final expenses, have no credit card or other debt, have no mortgage and have no dependents, then you probably don’t need life insurance. If however you haven’t prepaid your final expenses and have not put aside the money necessary to pay your final expenses, life insurance will help those you leave behind to cover these expenses. 

If you have dependents, a wife or partner, children who are not fully grown or aged parents, having life insurance will help to guarantee that they will be able to continue to live life in the manner that they are accustomed to.  It can pay college tuition for your child or children. 

Life insurance is also part of long term financial planning and can be a benefit to you while you are alive. 

To discuss this question with Silverton Insurance Specialist LLC give their office a call or stop by to discuss this very important coverage.