By: “How To Survive As A Woman”
Life Insurance Is Not For Me…Life Insurance, Me?
As many people today, the thought of getting life insurance was not a pleasant one. I thought life insurance was for the older ones, when you are closer to the end of your life. And I also had the erroneous feeling that if I got life insurance that would only increase my chances of being hit by a bus at a young age.
Nothing could be further from the truth. Life insurance is not just for those you leave behind, but for yourself, to be used to build wealth and secure a stable life style.
Many people also think that their need for life insurance ends when they stop working. However, life insurance can be a valuable financial asset that can help you enjoy a more secure and comfortable retirement.
I have also seen many couples entering retirement, are concerned that they will outlive their retirement savings. As a result, they may try to limit their spending to what their retirement accounts earn each year, preserving the principal to help ensure that they will never run out of money. However, this conservative income strategy may limit their ability to fully enjoy retirement.
Retired couples also face another issue. The monthly income payments that they receive from Social Security, pensions and annuities may be reduced after the death of the primary recipient. This may occur at a time when a surviving spouse still needs this income to live on. Whole life insurance may help you address these concerns by providing additional financial security for you and your family during retirement.
Let’s break it down, Whole life provides two important benefits:
The policy death benefit is generally paid income tax free, and can be an important additional financial resource for a surviving spouse.
Two: Cash value accumulation
The cash value that the policy builds over time can be accessed on a tax-advantaged basis, and offers a potential source of cash for emergencies or supplemental retirement income.
My husband was wise enough to get my son a cash value policy that builds over time when he was 20 years old. By the time my son is 65 he will have a million dollars ready to use for his retirement. My son objected to pay the monthly fee of $150 per month at the beginning because he said he didn’t have money, but we helped him for a few years until he realized the fantastic amount of money he build over the years. “Best investment we ever made” – he says.
The protection and value that whole life provides can give you the confidence to spend more of your retirement savings as you intended, and enjoy a better standard of living during retirement.
To see how life insurance may apply in your life; take a few minutes to get the facts and examine the important role that whole life insurance may play as part of your overall retirement income.