Congratulations! You have successfully sent your children off to the next chapter of their lives, and you are ready to start your next chapter.
More than likely, you have spent years preparing for this moment. You have been diligently saving for their future dreams and your retirement, all while paying down your debt. While this milestone calls for a great celebration, it doesn’t mean you should stop planning.
Your coverage gap and need for life insurance might be higher than ever. Before discontinuing or overlooking a life insurance policy, take these factors into consideration.
If you unexpectedly die, would your spouse be able to maintain his or her lifestyle? Would they need to extend their retirement date or go back to work if they’re already retired?
Social Security and many pension plans provide spousal benefits. However, more times than not, the spouse’s benefit is at a reduced value. What if your spouse outlives you by 20 years? Will your retirement nest egg be able to support them fully? A life insurance policy could supplement that lost income or provide an added cushion to your retirement nest egg.
The funeral cost usually comes to mind first when thinking of final expenses. Final expenses could also include outstanding debt, medical expenses, or probate fees.
A funeral itself can be costly. The additional final expenses could be devastating for your loved ones, especially if you were medically reliant prior to passing. A life insurance policy could serve as a buffer to offset those unexpected costs.
The cost of final expenses, spousal support, or any other unplanned event could dig into your intended legacy. Regardless of the size, many of us want to leave something behind for our loved ones. A life insurance policy can ensure your legacy will carry on.
Life Insurance is not just for paying off your debt obligations. Life insurance can do so much more. Contact our agency today to plan for this chapter of your life.