Consider Life Insurance Policy After Retirement

Everyone feel delighted when they think about retirement. It is the golden years of one’s life. It is the time where you can relax, enjoy and cherish as a result of your hard working years. Most people think that they do not need life insurance at the time of retirement. You would have settled your family, children would have grown, and there will be none dependent. You have to take care of your life partner and spend the rest of life. So, you need to think about saving your income or pay expensive bills for your family. By your retirement period, the debt will remain minimal, and mortgage will be cleared. Life remains good at this stage but still you can think about life insurance.

Though none depend on your income, the life insurance will protect your loved ones. If you suddenly pass away, they do not have to remain financially burdened. It will help to protect your loved one and family members to pay funeral costs, medical expenses, and other outstanding debt.

Some people have the doubts that whether their spouse would lose the privileges of social security income or pension when they pass away. The life insurance serves to bridge the gap. When you have signed up for life insurance, it safeguards your spouse, and they can continue the equal standard of living though are not alive.

Do you have to pay for estate taxes? The taxes can remain expensive, and it mostly depends upon your estate value. The life insurance policy will help in covering the fees, taxes, estate associated debts and protect your dear ones from selling valuable property to substantiate the expenses. Remember, the life insurance serves as a valuable asset to you and your dear one. You do not have to worry about your loved one and their expenses. The insurance will cover and let them live a peaceful life. They do not have to remain dependent or work at their old age.

Are you thinking to leave a legacy? It is a common thought for the majority of retirees. They wish to leave their family financially comfortable and receive payout even when there are not present. It is possible to purchase a life insurance policy. The death benefit can pay for your family wedding, construct or purchase a home or even pay for your grandchildren’s college fees.

If you do not have kids or dependents, you can give it to charity. When you gift to charity, it will not be subjected to estate taxes.

Read More: Why should Single Parents own a Life Insurance Policy?

Why should Single Parents own a Life Insurance Policy?

It is a challenging and joyful task to raise a child being a single parent. You have to work hard as well as satisfy the needs of your kid. It is difficult to educate and pay attention to them but still you need to do. The little face will depend on you entirely. You should not disappoint them in any way. If you sign up for a life insurance policy, it will help them for their education or other expenses when you are not alive. The insurance company will conduct an exam before providing the policy.

Pew Research Center took a survey in the year 2013. It found that more than thirty-four percent of American children are dependent on the single parent, and they live with a single parent. If their parent dies, it is hard for the child to come out and take care of themselves. How the children of single parent would manage if their parents die in an unexpected manner?
The life insurance is the only solution to handle such situation. One of the research shows that single parents do not show much interest in life insurance. Moreover, the statistics show some important results.

The unmarried fathers do not have life insurance, and they do not prefer to have life insurance because of their marital status. About fifty-three percentage of unmarried mothers do not have life insurance against forty-three percentage of married mothers. About sixty percentage of unmarried fathers will fewer household incomes do not have life insurance whereas the remaining twenty seventy percentage possess a life insurance policy.

If you have dependents with you, it is important to purchase a life insurance policy. It is clear that life insurance is highly important for single parents. The married couples may think that if one passes away, another will care for their child. But the case is completely different for single parents.

The single parents should think the following factors when it comes to life insurance preparation.

Get sufficient life insurance to compensate your children’s education, final expenses that include burial, funeral and debt, child care (especially if your child is young) and lost income.

Select a responsible person as guardian to take care of your child after your absence.

If the child is minor, then they cannot get death life insurance privileges. It is best to name as trust as beneficiary where they will see that your funds are distributed and given as per your wishes.

Read More: Why should you not wait to Purchase Life Insurance?