When to Buy Life Insurance: Preparing for Retirement

In this time of shrinking pensions, shaky Social Security, high medical costs, and steadily increasing costs of living, each individual is responsible for ensuring his or her own secure retirement. Whatever your current age, you should begin this planning now.

If you are just starting your career, you have several decades to allow your investments to grow. You also can invest less each pay period toward that growth. But, whatever your age, you can plan now to improve your situation when you are finally ready to retire. Life insurance can be an important part of that planning.

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What kinds of life insurance can ease retirement?

• A whole life or variable life insurance policy, especially if it is purchased early in your work history, can be an important and affordable way to grow money for retirement. These policies work as investment vehicles. They also protect survivors with a face-value cash payout in the case of your early death; but, the money you pay for that protection also grows in a fund that you can cash out to live on in your later years.
• A whole or term life insurance policy can provide cash for survivors to meet expenses while an estate is settled. This policy can also provide money for burial expenses.
• Purchasing the right insurance at an early age can guarantee that you have insurance to financially protect your surviving spouse when you are older and in poorer health. Often, you can increase the face value of your coverage as needs change, and you will not need additional medical exams.
• Annuities can grow over time, and then, at maturity, pay you back monthly for your lifetime. These policies can be an important way to supplement a pension or Social Security.
• Even if you want to include your whole life policy in your legacy to your heirs, it can be a source of low-interest loans in case of an emergency. In this time of high medical costs, having a personal nest egg to fall back on is comforting.

Plan your retirement investments carefully, with the help of an experienced advisor. Term, whole, and variable life insurance policies can provide security and flexibility as you build a financial base to protect yourself and your spouse in your remaining years.

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.