Protecting Your Loved Ones And Your Retirement
You have been looking forward to your retirement for years. Retiring means that you get to give up your working life, but you may have to give up some other things with it. Namely, your life insurance coverage through work will likely stop when you stop working. That means that you will need to get a policy of your own to protect your family. When you do, here are your options.
- Term Life Insurance: After retirement, you begin living on a fixed income. That means that you will be careful about your budget, and will likely want to minimize your expenses where you can. Term life insurance can help you do just that. This type of life insurance coverage is more affordable, and is designed to protect you for a certain amount of time (the term), after which it expires. Say, for example, that you have ten years left on the life of your mortgage. A ten year term policy will ensure your spouse is not left without you and with mortgage payments.
- Whole Life Insurance: If coverage in perpetuity sounds like a better fit, consider whole life insurance. This coverage will last until the end of your life, and has the additional benefit of building cash value as you pay your premiums. It is more expensive, but you may be able to withdraw the accrued cash value if you get into a financial pinch during your retirement years. Essentially, your whole insurance policy could serve as a forced savings plan while insuring your life.
To talk with an insurance expert who can help you discern the best kind of life insurance coverage for your short- and long-term needs, contact The DiForte Agency. We have years of experience helping retirees in Staten Island and all of New York get the right policy for their families and their budgets.