Life Insurance & Estate Planning
Right after you pass away, your family has an immediate need for money. Life insurance pays your beneficiaries directly, quickly, and most of the time, income tax free. While many clients come to us thinking they no longer need life insurance in retirement, they are ignoring their surviving spouse (if married), funeral costs, and estate settlement costs.
Estate planning, especially estate planning documents, such as Wills and Power of Attorneys, are regarded as something only needed when you are younger and working, with children and a mortgage.
The ultimate goal of both life insurance and estate planning is to make sure your family and loved ones are taken care of, at least financially, after you pass. They are just as important in retirement as they are during your working years.
Questions we can answer
Do I still need life insurance in retirement?
It depends on your situation: if you have enough savings, no debts, and no one financially relying on you, you may not need life insurance in retirement. But if you want to cover a spouse’s income needs, pay off debts, or leave money for heirs, keeping some coverage can still be useful.
Can I get life insurance with my pre-existing conditions?
Yes, you can still get life insurance with pre-existing conditions, though your options and premiums will depend on how well your condition is managed. If traditional policies aren’t available, guaranteed-issue can provide smaller but accessible protection.
What does estate planning entail in retirement?
Estate planning in retirement involves organizing how your assets will be managed, preserved, and transferred after your death or if you become incapacitated. It typically includes creating or updating a will, setting up powers of attorney and healthcare directives, reviewing beneficiary designations, and considering tools like trusts to minimize taxes, avoid probate, and protect loved ones.
Does my will need to be updated?
Yes—your Will should be updated whenever you have major life changes such as marriage, divorce, retirement, birth of a child or grandchild, death of a beneficiary, or significant changes in your finances. Even without big changes, it’s wise to review it every few years to make sure it still reflects your wishes and current laws
Life Insurance Quote
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