Is taking up life insurance a viable option after retirement?
Do you still need to take up life insurance after you retire? For a lot of people, life insurance could be deemed unnecessary at this point in their lives. Most retirees who have children may not have to worry about them because they are usually grown and independent.
Social Security, annuities and pensions will provide a great income plan that could help alleviate the financial burden that the lack of a steady source of income will generate. Others may even have healthy investments and retirement accounts. In the event of a premature death, all these options will ensure some financial security for any dependents. If you can guarantee this for your family, life insurance in retirement may not be necessary for you.
If you are unsure about the financial security of your family in the event of your death, life insurance could be ideal. A potentially beneficial life insurance plan that may be a viable option for retirees is the indexed universal life policy, which provides some estate benefits and tax advantages.
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