Life insurance is not a fun topic to talk about because who really wants to think or talk about what happens when you pass away? The reality is that it is a topic that needs to be talked about and planned as part of your financial plan. Having the right type of life insurance and the suitable amount of life insurance coverage in retirement will accomplish multiple goals. Life insurance can protect your income, provide tax-free cash flow, help manage taxes, provide peace of mind to families, and even improve the total returns in a portfolio.
Protecting your income in retirement is one important reason to have life insurance. When one spouse passes away during retirement, the surviving spouse can struggle to make up for the lost income from Social Security or other retirement income. Expenses can be a little lower but generally are not drastic and do not offset the loss of income. A death benefit from a life insurance policy would help the surviving spouse supplement the loss of retirement income.
There are plenty of advantages to having life insurance and different kinds of policies that can meet your individual needs. Make an appointment to come see me, and I will run a retirement analysis and show you how much life insurance would be ideal for your personal financial plan.
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