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The Importance of Life Insurance Cover Post Retirement

Thursday, October 10th, 2013

There are many U.S. citizens who continue to work post retirement and having a life insurance cover is always a good way of ensuring financial stability for their family in case of sudden demise. The amount of earned income that can potentially be lost in the event of bread earner’s death is the factor that primarily determines the requirement of a life insurance cover. As per Hanming Fang, a professor of economics at the Pennsylvania University, if the retied person is still not an earning member of the family there is actually little requirement of post retirement life insurance coverage.

The second determining factor behind opting for a post retirement life insurance plan is the question whether your spouse or your children are self sufficient or not. If your family is mostly comprised of young members who are yet to start earning and home makers then there is every reason to believe that you need life insurance cover, even during your post retirement life. On the other hand, according to Joel Lange, director of a Texas based wealth management company holds the view that if you are responsible for a few and have accumulated sufficient assets during your professional life to cover up all your post retirement expenses then there is no viable reason for opting for life insurance cover after retirement.

The third situation that makes post retirement life insurance justifiable is its use as an asset and estate planning tool. Certain life insurance policies in combination with estate plans can spare your liquid asset from being used as your estate tax and in a situation like that life insurance coverage after retirement is obviously a very much intelligent as well as lucrative idea. You are always the better judge of the situation and considering the factors mentioned above, it is ultimately your call whether you require life insurance after retirement or not.

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