5 Reasons Why You Still Need an Insurance Even When You Are Retired

Retirement should not be the end of your financial and life security. In fact, it is the phase when you need more investment to do if you are still capable. This is because it is a good start to a more hassle-free life after you have rendered your life service to a company, business, and your kids.

Life insurance is your safety net in case anything happens to you. This will also benefit your successors, husband/wife, children, and other beneficiaries.

As to why you still need to invest in a life insurance after the age of 65, here are the most compelling reasons:

  • You still have a family to support

According to LIMRA Secure Retirement Institute, 63 percent of retired individuals are still supporting their children and grandchildren. This is a fair reason why after the age of 65, any retiree should still have an insurance.

In the case of demise or sickness, the said insurance can further finance and subsidize the children and/or grandchildren being supported.

  • You have a child that has special needs

Taking good care of a special child and making sure he/she is getting all the support he/she can get if essential, thus, it is for a lifetime. Getting life insurance after you retire creates comfort to your special child that he/she will still be supported if worse comes to worst.

  • You are still working

If the word ‘retire’ does not make sense for you, even if you are over 65 years old, then getting insurance can make your hard work more secured. To further protect your saved assets, insurance is one good key to doing so.

  • You have pension that serves only you

In case something bad happens to you, your pension will die with you. This would be another challenge your spouse. Getting life insurance can make it more secure for your partner to sustain his/her life as well as your children’s after your death.

  • You still need to pay debts

Retirees age 64 to 74 still have recurring debt for their education at an average $2,300 according to LIMRA. Another 64 percent of a retiree’s debts are vehicle loans. If you are retired and still need to pay,  insurance can cover the remainder in case of your collapse.

Securing a brighter future even after you are 65 can still be possible, especially if you want to leave a legacy and you want your children and grandchildren to be more insured.

At Filer Insurance, we aim to make our client’s life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at 305-270-2100. Get your free quote today by CLICKING HERE.