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Retirees also need a life insurance policy!



When you look at the retirement landscape, the landscape changes at a rapid pace.

Life expectancy has increased to almost 80. Covid-19 has forced 68 million workers to postpone their retirement by three or more years.

How do you plan for these shifts?

Start by exploring your life insurance options for retirement. Life protection can provide financial stability when your loved ones really need it!

Life insurance and debt


An older household is run by people who are 65 years and older. The proportion of older households with debts INCREASED FROM 37.8% in 1989 to 61

.1% in 2016.

If you are at or near retirement, you have thought about debt, your savings and social security.

Then there is the most difficult question. How will your loved ones handle your debt if you go away before you pay it off?

Fortunately, life insurance can help them cover:

  • Mortgages.
  • Car payments.
  • Cost of living.
  • Disbursements of university loans.

Term life vs. whole life


What are the differences between the two main types of life cover, term life and whole life?

It’s like comparing rent (period) and making a monthly payment to own (whole). There is more than that.

With term life, you have insurance for a certain period of time such as 10 years.

Lifespan benefits

  • Cheaper than life.
  • Payments guaranteed for the period you signed up for.
  • Can be converted to life.

Term Life Disadvantages

  • Lasts for a limited time if you do not convert it to another type of policy.
  • May not work for you if you plan to cover lifelong needs.
  • Your premium will increase after your level period ends.

The benefits of a lifetime

  • Builds tax deferred cash value.
  • Provides lifelong coverage.
  • Premiums do not change.
  • Offers the opportunity to borrow from the insurance’s cash value.
  • Does not change with market fluctuations.

10 reasons to have life insurance after retirement


  1. Life insurance allows you to spend money on your own needs. These assets will be reimbursed for your heirs’ income tax free.
  2. If you use liquid assets to pay for long-term care, life insurance can replace these assets after you have passed away.
  3. Part of the death benefit can be used for additional care or other needs if you develop a fatal illness.
  4. The life insurance’s cash value provides a source of cash if an emergency situation arises.
  5. The US Bureau of Labor Statistics says that 13 million people 65 and older will still be working by 2024. Life insurance can provide money to replace that income for your survivors.
  6. The insured does not have to give away assets to avoid property tax because the policy helps to pay the taxes.
  7. Life insurance can help share assets between children from multiple marriages.
  8. The life insurance’s death benefit provides an extra source of cash while the surviving spouse adapts to new circumstances. This may delay the need to make immediate financial decisions.
  9. Life insurance can help pay for final costs, long-term care costs and medical expenses that may not be covered by Medicare.
  10. Identity theft coverage is automatically included for all Pekin Life Insurance Company policyholders! Identity theft coverage helps stop fraudulent bills and fees.

Do you have questions about life insurance? Your local, licensed Pekin insurance agent has the answer!

Contact your agent to find out how the life insurance fits your pension plan.




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