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Retirement and Your Life Insurance

By June 30, 2016 June 9th, 2020 No Comments

family playing outsideYour retirement isn’t simply about you. It’s also about your spouse and dependent children. Your goal is to have enough money in retirement to ensure your family maintains the lifestyle that they’ve grown accustomed to living. You want them to keep the house, the cars and their college savings so you make retirement decisions to achieve your dreams. Beyond all the retirement tools offered by your employer and the government, you should consider life insurance.

Why Life Insurance Makes Sense for Retirement

When it comes to life insurance, you want to save as much money as possible. Since the future is unknown, you want to make sure that you save enough money to be safe. Term life insurance is a simple tool you and your family can use to boost your retirement income. In the event of your demise, your family would receive a windfall of money to help cover the costs of your assets. Ultimately, you would achieve your goals of helping your family maintain their way of life through term life insurance.

How to Choose a Death Benefit for Your Family?

Life insurance can be a complicated matter. To add to the complications, a conversation about life insurance can easily get emotional. Both of these factors can leave families underinsured because people traditionally want conversations about life insurance to be over as soon as possible. You don’t have to fall victim to this sort of thinking. By taking the time to think through your needs, you can choose a death benefit for your family that will leave your family financially intact.

Step 1: Examine Where You Are Financially. You should work with a financial planner or a licensed insurance agent to determine what areas of your retirement are underperforming.

Step 2: Compare Where You Are to Where You Want to Be. Once you see what you have, compare it to where you want to be. If your goal is to eliminate all of the family’s monthly obligations, then plan for your deficits with the idea that a dollar today is worth more than a dollar 20 years from now.

Step 3: Purchase a Policy That Covers the Deficit. After speaking with your spouse and your financial planner, choose an affordable life insurance plan that will cover your retirement shortcomings.

At face value, you may not consider life insurance as a retirement tool, but it can help you support your family after you can no longer do so.

We’re here to help. Call Loftis & Wetzel Corporation at (855) 360-0466 for more information on Oklahoma City life insurance.