5 Ways Life Insurance Can Help You in Retirement

As retirement draws near, it’s only natural to look at your life insurance coverage and wonder whether any changes should be made. After all, you might have first purchased life insurance half a lifetime ago. Back then, it offered a great way to safeguard your income during your prime working years, particularly if you had young children to raise or decades of future mortgage payments to consider.

Some examples of how life insurance can offer advantages in retirement include:

1. Wealth transfer to heirs: Life insurance is one of the most effective methods for creating an orderly succession of assets to future generations and establishing a legacy via charitable bequests.

2. Access to cash: If you believe the same level of coverage will no longer be needed, you can access the cash value of a permanent life insurance policy to help fund your retirement.

3. Support for a widow/widower: Perhaps you want to ensure that a surviving spouse is able to pay certain expenses after one of you passes away.

4. Protection from the onset of chronic illnesses: Many life insurance policies allow people to access the death benefits for chronic illness before death.

5. Charitable giving: Life insurance can be used in several ways to support an individual’s charitable giving strategy as retirement approaches.

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- Doug Myrick