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.
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.
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.
Use our needs calculator to find out.
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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.