This content is sponsored by MOAA Insurance Plans.
Life insurance is meant to take care of anyone who relies on your support, should you pass away. This is especially important if you have children. Once you retire and your children are grown, does it still make sense to have it?
It depends. Here are three instances where life insurance in retirement may make a critical difference in the lives of those left behind.
1. You may still have debt ... and you may still be working: Debt doesn’t always end when you reach a certain milestone. You will still need vehicles to drive and have upkeep on a home. You may also still have dependents like elderly parents.
Life insurance is a secure way to pay off debt, plus ensure your loved ones have money to meet their needs.
2. You want to tap some retirement assets early: If you’re a “saver” you can find it very hard to become a “spender.” Fear can make us play it too safe, when time becomes more valuable than money.
You may simply feel better about using investment money for travel or leisure if you have life insurance to replace what is spent until market returns or contributions replenish them. In this case, life insurance is used to preserve retirement assets for a spouse or legacy in the event of an untimely death.
3. Your spouse may want extra protection: Another emotional consideration is how a spouse feels about life insurance. Your spouse may want the cash liquidity a life insurance plan provides; that way, there’s no need to tap hard assets or long-term investments to pay debt or fund changes.
Also, many couples simply have different risk tolerances. Life insurance adds extra security and control.
What Can Prevent You From Getting Life Insurance?
The older you get, the more life insurance costs. Be mindful that factors beyond money affect your ability to buy.
- You will have more choices before you turn age 60.
- Once your health declines, your options become limited.
When You’re Comparing Plans, Look to MOAA
MOAA offers many life insurance plans developed exclusively for officers, at all life stages. You’ll find:
- Higher benefit amounts. For example, MOAA’s Leader Group Term Life Insurance offers coverage levels up to $550,000 for members and spouses ages 50-69 and up to $1,000,000 for members and spouses under age 50. Coverage up to $25,000 is guaranteed within the MOAA’s Senior Whole Life Insurance Plan.
- Tax-free income for your beneficiaries, in most cases.
- Members-only group rates.
- Wide range of plan types, including convenient “2 in 1” Joint Group Term Insurance and plans where rates and benefit are designed to remain the same with Group Level Term Life Insurance.
Free, no-risk quotes are available, with personal assistance by phone or live chat if you have any questions. To learn more, visit www.moaainsurance.com or call 1-800-247-2192.