Do I Need to Keep My Life Insurance After I Retire? | Ask a Savant Financial Advisor
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Video Transcript:
Once you retire, it’s common to think that you don’t need your life insurance policy. You probably bought your life insurance policy as a way to provide for your family if you died prematurely. That risk is probably no longer a concern. But did you know there are other ways that life insurance can still benefit you and your family?
You can use life insurance to build wealth or mitigate potential estate taxes for your heirs. It can also be a good idea to keep life insurance if you have a high level of debt in retirement, if you have dependents that still rely on your income, if you own a business, or if you just want to leave a larger inheritance. With the right policy, you can even use life insurance to pay for your long-term care needs.
My goal is to help clients solve this problem by completing a comprehensive life insurance needs analysis. We look at their level of need for life insurance and recommend 1 of 3 potential solutions: Keep the current coverage, drop or decrease the current coverage to save money on premiums, or increase the life insurance coverage to the amount needed. We also review conversion options for term policies to permanent life insurance, if there is a need.
At the end of the day, life insurance is a financial tool that can be used to help you achieve your goals. And, like any financial planning tool, you have to know how and when to use it. That’s where a comprehensive financial planning firm like Savant can help.
My name is Cory and I am a Financial Advisor with Savant Wealth Management. If you’re retiring soon and aren’t sure what to do with your life insurance policy, I encourage you to get in touch. Let’s figure this out together.
Cory D. Buehler
Financial Advisor
CFP®, CRPS®, CPFA®