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3 Ways Life Insurance Can Help You Plan for Retirement

By Byron Udell | February 22, 2010

Life insurance can be an integral part of your retirement plan. To find out more, read on.

Did you know that life insurance can help you plan for retirement? There are a few ways life insurance comes in handy when you’re setting your retirement goals. Think about it…if you die before your spouse or other family members who depend on you for financial support, your retirement savings account may not be enough.

That’s why it’s important to incorporate life insurance into your overall retirement plan. Here are three ways a policy can help you plan for retirement:

  1. Prevent your retirement plans from dying when you do If you die before retirement, your survivors would miss out on both your salary for living expenses and the money you were setting aside for the future. People who die prematurely haven’t had as much time to put together an investment program that can really pay off. If you have sufficient coverage, it can help pay your family’s expenses and may still be there for your spouse’s retirement.
  2. Supplement your retirement income Suppose your circumstances change and you no longer have anyone who would need the proceeds of a death benefit. With a permanent life policy, you have the flexibility to surrender the policy and supplement your retirement income with the funds that have accumulated in the policy’s cash value account.
  3. Preserve your estate assets for your survivors If you’ve accumulated a large estate, life insurance can help foot the estate tax bill from Uncle Sam, preserving assets for your heirs. Or, if your estate is more modest, life insurance can provide a legacy for your children and grandchildren even if you use up most of your assets during your retirement years.

Read more about how life insurance plays a role in all major life events at the Life Happens.

For more information about permanent or term life policies, and for a free term life quote, contact one of AccuQuote’s licensed life insurance agents today. Our agents at AccuQuote are awesome! They can help you get your retirement plan started while term life rates are still near record lows!

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.