Once you start to think about retirement, many things come up. You consider downsizing and take a good look at your finances. Even though you have been planning for retirement for years, nothing prepares you for the change in your income and the new expenses you may have. Looking for things to cut back on, life insurance comes to mind. You may wonder if now that your life will be less complicated if you need life insurance. Talking to the experienced agents at Barry Insurance Group in Pearland, TX can answer your questions.
Like at any point in your life, life insurance is not about you, it is about protecting the ones you love. When considering whether you need life insurance when you retire, it is important to consider who counts on your income. Your income when you retire maybe your social security and a pension. With the pension, you can decide to have your spouse continue to receive the pension by agreeing to take a lesser amount every month.
Social security doesn’t allow this option, but your spouse can opt to keep yours and relinquish their payment if your payment is larger. No matter how you look at it, there will be considerably less income coming in. If you have made other financial decisions that will guarantee your spouse will still have adequate income even without you being there, life insurance is optional.
If you are entering retirement with a mortgage and other debt, life insurance can help pay off these debts and your final expenses. Determining if you need life insurance when you retire is dependent on your total financial picture.
Contact Barry Insurance Group in Pearland, TX to discuss your life insurance needs and any other insurance questions you may have.