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Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

July/August 2019

Reasons to Consider Owning Life Insurance in Retirement

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If you are retired and your children are on their own, you may not need as much life insurance* anymore. Then again, your life insurance benefits could continue to help you and your loved ones for years to come. Let’s count the ways:


1. Provide Supplemental Income.
If you’ve owned a whole life insurance policy for a number of years, there is a good chance it has built-up cash value, which you can tap as an extra source of income or use to continue paying premiums.


2. Pay Off the Mortgage.
If you still have a mortgage, your life insurance death benefit might be enough to allow a loved one to live in your home mortgage-free after you’re gone.


3. Replace Your Income.
Retirement isn’t what it used to be. It’s not uncommon to see older Americans returning to the workplace because they need the money or enjoy having the extra cash. Your life insurance death benefit can replace this extra source of income for your spouse.


4. Leave a Legacy.
You can be cash-poor and still leave a financial legacy to loved ones or a favorite charity via a life insurance benefit.


5. Equalize Your Estate.
If you own a business and you have a child who will take over, life insurance can help equalize your estate for those children not involved in the business.


6. Accelerate Death Benefits.
Many policies have an additional feature, or rider, called an accelerated death benefit, while others may offer it as an option. Should you become terminally ill, you may be able to use this rider to withdraw a portion of your death benefit in cash. Other rules and restrictions apply.


7. Help Pay for Long Term Care.
Some life insurance policies include a rider at an additional cost that allows you to withdraw a portion of the death benefit to pay for long term care costs.


8. Pay Final Expenses.
Loved ones can use your policy’s death benefits to cover funeral and other final expenses.


*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. The cash value depends upon the type of product, the face amount, the time in force and length and amount of premium payments. The withdrawals you make or any outstanding loans or loan interest you have will then simply be accounted for in the payout of your policy’s death benefit.


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