Life Insurance: The Versatile Tool for Retirement Protection
Dec 01, 2017retirement income,retirement planning,life insuranceSA-Articles
Future retirees will carry much more financial risk into retirement.
Many of these risks can be mitigated through permanent life insurance protection.
Traditional thinking about the need for life insurance in retirement needs to be rethought.
Life insurance is often used as protection for families during working years to insure against risks to their financial security, but it’s typically deemed less necessary during retirement. However, with the shift to a 401(k)-dominant world, in which couples bear the risk of preserving enough financial capital to generate income for decades of retirement, the need for life insurance at older ages has increased. Much like a versatile Swiss army knife, permanent life insurance can be used to help protect against the risks that retirees may face.
Permanent life insurance in retirement can help reduce the risk of:
Outliving your financial capital
Depleting financial capital to pay high healthcare costs
When it comes to life insurance, many folks don't think they need it, if they consider it at all. In fact, it's a versatile financial tool that can help to build financial wellness now and for the future.
The “gig economy” has become a significant source of employment for three generations of Americans – Millennials, Gen Xers and Baby Boomers. But no matter what age or lifestyle stage, all face challenges achieving financial wellness.
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