Life Insurance is a product that aims to solve many financial problems. Premature death or accident is the primary reason…
Retirement does not always equate to having financial stability. A few possible circumstances that leaves you in this kind of situation are:
Providing financial support for an aging family member or children who are still living at home
If you find yourself in debt or responsible for someone’s well-being, then the short answer to the question is, “YES” you need life insurance even after retirement.
HOW MUCH INSURANCE DO I NEED?
It’s important to evaluate where you stand financially upon retirement. How much are your monthly expenses? Are there federal or state taxes that need to be paid? There are also things like probate costs, administration costs; there might be final debt or a mortgage on house, too. So as long as there is some type of financial exposure, you need life insurance to match up with that.
CAN I STILL GET INSURED AFTER RETIREMENT?
Yes. Of course, premiums will be higher which is why it’s advisable to get life insurance cover as early as your 20s or 30s. The greatest value of life insurance after retirement is that surviving family members or your spouse is left with financial security after the insurance holder’s death.
WHAT OTHER BENEFITS ARE THERE IN GETTING INSURANCE AFTER RETIREMENT?
Other benefits is that you can use the sum to help you pay for medical expenses–this is if you feel that you will no longer need the death benefit. This is called the accelerated death benefit provision. You have the option of choosing permanent life insurance to have money safely tucked away with zero risks.
You may also need to think about getting health insurance since more seniors are prone to health complications–thus more spend on medical needs. Although Hong Kong has a wonderful healthcare system, retirement will most likely lead to more trips to the hospital and getting more prescription drugs to maintain your health.
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