Do I Need Life Insurance After Retirement?

Do you need life insurance even after you retire? You may not think so, but here are a few examples of when life insurance may come in handy in your post-workforce years.

Life insurance is meant to financially cover your family in the event of your death. After people retire, most of their family members have already started families of their own and no longer rely on their parents’ income for sustainability. This is a sign to many that life insurance is something they no longer have to pay for. But is that true? Here are ways that life insurance could still come in handy–even after you retire.

Funeral Costs

It’s very expensive to die in this country. While you may not be here to suffer through the funeral process, your family member will. Funeral costs are through the roof, and your life insurance policy can cover this expense and keep your family from reaching deep into their pockets.

Your Remaining Debt

If you still have remaining debt upon your death, it may not disappear, especially if this debt comes from the bank. Your life insurance could help pay off the remaining loans, or even pay them off entirely if your coverage is sufficient.

Special Needs Children

While it is often the case that children depend on their parents until they’ve graduated college, there are situations where your children may depend their entire lives on your aid. Children with special needs will need to get the right coverage.

Life insurance often goes to those that work and have families in their early stage. But that’s not the case for everyone, and may not be the case for you. For that kind of knowledge and service, contact Stromsoe Insurance Agency. We’re dedicated to helping families across California get the life insurance policies they deserve!

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