You’re soon entering or have already entered the golden years of life, which we call retirement. This is supposed to be the most peaceful period of your life where you can relax, enjoy, and make the most out of your time.
We don’t mean to interrupt the fun part but one thing that needs your attention is a solid financial plan to secure your future. Given that you don’t have a stable source of income anymore, having an insurance policy for your retirement is the best financial plan for you.
This blog highlights some of the main benefits about life insurance for retired person:
Pay Off Outstanding Debt
Approximately 20% of retirees still carry a mortgage, and about 67% carry credit card debt into retirement. The stats are pretty shocking. This results in retired people selling off their valuables to pay their debts because they no longer have an earning source. Some even downsize their home to supplement their income and expenses.
Stress-Free Retirement
Stress is the last thing you want in your retirement phase, but being short on money can be the leading cause of stress and depression for aged people. God forbid if you pass away, you’d still have finances to pay off behind you. Therefore, a life insurance policy will back your loved ones financially so they can live peacefully.
Cover Final Expenses
It’s a bitter reality that after-death expenses aren’t cheap at all. So, if you don’t leave behind money for your final expenses, your family will suffer financially from arranging such a big amount in a short time. Let insurance service providers take care of your after-death expenses so you’re in peace while you’re alive. If you retire at the age of 65, you can still qualify for a life insurance policy so you don’t miss out on premium benefits.
Donate in Charity
If you’re a believer of giving back then life insurance is an ideal way to do that. If you’re someone who’s passionate and considerate about other people then charity can be your cause for donation. So, if you have life insurance in your name, you can use the money to donate to an organization of your preference. In fact, you can also use your final expense proceedings to finance underprivileged students.
Tax-Free Benefit
We don’t know about other insurance providers but here at Buckalew Financial Services, we make sure you get tax-free insurance claims. This way there won’t be any deduction in your money and your beneficiaries can take full advantage of that.
Get Much-Needed Peace In Your Retirement
Life insurance for retired person is the best way you can secure your future financially and spend your retirement in peace surrounded by your loved ones. If you’re planning to get a life insurance policy, connect with our team at Buckalew Financial Services and they assist you in every step. We know how important this step is for you and we’ll make sure you get the best out of it.
