Retiring

 

Securing additional coverage: Retiring

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Walt: As somebody approaches retirement, they might find themselves with a bit of a gap in their life insurance coverage because their coverage that they purchased maybe 20 years ago is now expiring but they’re still working. One of the real desires I’ve seen from research is that people do not want to have their passing become a burden on their heirs.

Vince: Right.

Walt: So the answer for that is a small portion of whole life insurance that can cover those final expenses. And it’s not just burial. I mean a lot of older people now have mortgage than they ever had before. And it can be a variety of things, but again it’s expenses at the very end of life that you don’t want to leave your heirs as a burden.

Enjoy a carefree retirement

Once you are fully retired, you still need life insurance. In fact, 87% of those age 50 and older agree that it is important not to leave their heirs with any debts or financial burdens.1

Many people at this stage of life find that they need to work beyond their typical retirement years. Though you may have a term policy, it may be expiring and/or the coverage provided by your employer may end with your employment. With either situation, you may find yourself with a gap in coverage.

With retirement savings not where they should be, and more Americans living longer, it’s clear that many may outlive their assets. In addition to funeral and burial expenses, heirs may also inherit mortgage debt, medical bills and other debt left behind by their loved one.

Converting a portion of your term insurance to whole life, or purchasing a new small whole life policy, can help ensure that your final expenses do not cause a financial burden for your loved ones.

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Resources

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Your helpful life insurance guide: Retiring

If you’re getting ready to retire, you may know you need life insurance, but need help making an informed decision about it.

How are attitudes about retirement changing?

Americans were permanently affected by the Great Recession, and we’re seeing a permanent change in their views regarding work and retirement.

Cash management vs. risk management retirement strategies

It is not surprising that many pre-retirees indicate that they plan to continue working into their retirement years in order to keep their level of income at least equal to their level of expenses.

Debt: The unwanted inheritance

With many Americans living longer and healthier lives, the chances of outliving their assets and not being able to pay off debt before their passing are greater than ever.

What are American's top financial concerns?

If you’ve been keeping up with the news, it should be no surprise that long-term financial worries are a top concern among Americans.

The changing landscape of retirement

Retirement is undergoing a facelift, and the main reason is Americans are continuing to work past the traditional retirement age of 65.

The importance of having a plan for final expenses

One of the strongest desires expressed by Americans over the age of 50 is that they don’t want their deaths to create a financial burden on their loved ones.

Why Amica Life?

With Amica Life, you can always expect an extraordinary level of service. Our licensed professionals will listen to your unique needs, answer your questions, identify coverage that's right for you and then help you every step of the way to ensure your coverage stays in line with all of your life’s changes. With an A+ (Superior) rating from A.M. Best2, a leading authority on insurance company financial stability, you can also be confident Amica Life will be there for your loved ones.

Learn more now!

These are the times when life insurance can matter the most.

12015 Amica Life Financial Peace of Mind Survey
²A.M. Best Company. Feb. 18, 2016. A+ is the second highest of 15 possible ratings. For the latest rating, access ambest.com.