Buy Life Insurance Policy For A Happy Retirement!

Nowadays more and more young adults depend on their aging parents for financial support. It is not uncommon to see seniors purchasing life coverage to protect and provide for their children. If you have providers, having life insurance during retirement is very important: not only that it provides peace of mind for you and financial security for your family, but some plans can help supplement your income during retirement!

Here is how life coverage can benefit you before and after retirement:

1.       You can cover your funeral expenses!

Life Insurance Policy RetirementThe death of a relative is an emotional disaster, but it also brings many financial difficulties. Burying our loved ones is becoming more and more expensive and most funerals cost up to $10,000. By having life coverage, you can spare your loved ones such a big expense. Your beneficiaries will use the death benefit they receive after your death to offer you a proper burial.

2.       You can avoid inheritance taxes!

Inheritance taxes can eat a big portion of your estate. Life insurance provides an opportunity to reduce or even avoid inheritances taxes. Since the death benefit is not taxable, you can liquidate and invest a part of your assets in a plan. A million dollar life insurance policy can be an inheritance, without being taxed.

3.       Supplemental income during retirement

By purchasing universal or whole life insurance, you will benefit from an investment component which comes with these policies. A part of your premiums will be invested in different accounts and the policy will build cash value. You can withdraw money from that account, tax-free if the amount does not exceed the policy’s value. The cash value can be used to cover more urgent expenses.

Permanent life insurance plans also offer the possibility to borrow against the policy’s value. The loans do not have to be repaid as they will be covered by the policy’s benefit. Of course, this means that your beneficiaries will not receive the full policy’s value as payment.

4.       Peace of mind!

A happy retirement is a stress-free retirement. By purchasing a life insurance plan, you will no longer have to worry about your children’s financial future. Your family will benefit from great financial stability and you will have peace of mind.

If you want to enjoy a happy retirement, purchase a life insurance plan! Visit our website for quotes and more information!