Mike Riedmiller


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November/December 2017

Life insurance for the post-working life

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You may have a bucket list tucked away somewhere and are just waiting for the opportunity to start crossing off some of your goals once retirement starts. And, like a lot of people nearing retirement, you may be thinking about ways you can reduce your day-to-day expenses so that you can afford to turn your dreams into reality. You may even be considering retiring your life insurance coverage when you retire since you think you will no longer need it.

That may not be a good move. It is possible that you will still need life insurance coverage even after you stop working. Here’s why:

You want your spouse to have a financial safety net
Like many people, you may carry your mortgage into retirement. And you will continue to face a variety of living expenses. You want to be sure that your spouse can afford these expenses if you are no longer around. That’s where life insurance can help. Its proceeds can be used to make mortgage payments or to pay off the principal balance, ensuring your family can remain in your home if they choose to. Moreover, life insurance proceeds can help your spouse pay down or eliminate credit card or other debts and cover your final expenses, including medical bills and funeral costs.

You want to leave a financial legacy to your children
You may have hopes of leaving your children some or all of the money you’ve managed to save or invest. Unfortunately, not every plan works out exactly as we would like it to. There’s no certainty that the investments you have now will be worth as much in the future as you anticipate. And with life expectancies on the rise, you may need that money yourself to see you through what could be a long retirement. However, life insurance can be your enduring financial legacy to your family. With life insurance, you typically know how much money will go to your loved ones when you die.

If you are thinking about dropping your life insurance coverage to reduce expenses and use the money you anticipate saving for something else, you might want to reconsider. Life insurance can be as important for the post-working life as it is for the working one.

FINRA Reference FR2017-0620-0126/E


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