When people get past middle-age and get older, they start to consider planning out their finances more carefully. Most people have already bought some life insurance at some point but find that their needs and wants will to change as they start to get near to retirement age.
You probably have a life insurance policy already but perhaps bought it originally to support a mortgage and protect your young family.This family is now grown up and they have their own life insurance because they want to protect their own kids. Your mortgage is now paid off, too, so another reason for the original policy has gone. You may start to think if life insurance should still be a major part of your plans.
Although you may have retired now, you may find that a life insurance policy should still feature in your future planning. These days, some pensions are not big enough for you to live on in your retirement and if you are widowed and lose one pension, your finances will face new pressures. It may be that the life insurance policy could provide funds to help you to cope with the drop in income if you are left alone.
Maintaining coverage can be important for many other reasons. Many retired couples like to continue purchasing life insurance so that an inheritance can be left behind for their grandchildren or a favourite charity. Although your other financial assets can be distributed to beneficiaries as part of a will over the longer term, life insurance will provide a cash settlement within a few weeks of your death.
Some people have term life insurance, this is often used as mortgage support, however it will only provide a cash sum upon the death of the insured person. An alternative is whole-of-life assurance policies. These often have an investment component which provides separate value growing throughout the policy term. This means that this sort of life insurance, which continues throughout your life, uses part of your monthly premium to fund this saving throughout the policy.
If the fund has matured well over the years, you can claim your money at any time to provide a more comfortable standard of living for yourselves once you reach retirement age. Alternatively, the money can be passed on to your children or grandchildren as they begin to forge independent lives of their own. By keeping existing policies up-to-date, and making provisions for renewals as your current arrangements expire, your retirement plans can be carried out knowing that your loved ones will be catered for even when you're gone.
You probably have a life insurance policy already but perhaps bought it originally to support a mortgage and protect your young family.This family is now grown up and they have their own life insurance because they want to protect their own kids. Your mortgage is now paid off, too, so another reason for the original policy has gone. You may start to think if life insurance should still be a major part of your plans.
Although you may have retired now, you may find that a life insurance policy should still feature in your future planning. These days, some pensions are not big enough for you to live on in your retirement and if you are widowed and lose one pension, your finances will face new pressures. It may be that the life insurance policy could provide funds to help you to cope with the drop in income if you are left alone.
Maintaining coverage can be important for many other reasons. Many retired couples like to continue purchasing life insurance so that an inheritance can be left behind for their grandchildren or a favourite charity. Although your other financial assets can be distributed to beneficiaries as part of a will over the longer term, life insurance will provide a cash settlement within a few weeks of your death.
Some people have term life insurance, this is often used as mortgage support, however it will only provide a cash sum upon the death of the insured person. An alternative is whole-of-life assurance policies. These often have an investment component which provides separate value growing throughout the policy term. This means that this sort of life insurance, which continues throughout your life, uses part of your monthly premium to fund this saving throughout the policy.
If the fund has matured well over the years, you can claim your money at any time to provide a more comfortable standard of living for yourselves once you reach retirement age. Alternatively, the money can be passed on to your children or grandchildren as they begin to forge independent lives of their own. By keeping existing policies up-to-date, and making provisions for renewals as your current arrangements expire, your retirement plans can be carried out knowing that your loved ones will be catered for even when you're gone.
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Visit premiumlifecover.co.uk to find out more about life cover and other options such as over 50 life insurance.. Unique version for reprint here: Retirement Planning And Life Insurance.
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