{"id":1224,"date":"2020-08-25T09:30:00","date_gmt":"2020-08-25T14:30:00","guid":{"rendered":"https:\/\/www.ramsaywealth.com\/blog\/?p=1224"},"modified":"2020-08-18T18:19:14","modified_gmt":"2020-08-18T23:19:14","slug":"keep-your-life-insurance-when-you-retire","status":"publish","type":"post","link":"https:\/\/www.ramsaywealth.com\/blog\/2020\/08\/25\/keep-your-life-insurance-when-you-retire\/","title":{"rendered":"Keep Your Life Insurance When You Retire"},"content":{"rendered":"\n

Some good reasons to retain it.<\/em><\/p>\n\n\n\n


Do you need a life insurance policy in retirement?<\/strong><\/h2>\n\n\n\n

One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed.<\/p>\n\n\n\n

If you are thinking about dropping your coverage for either or both of those reasons, you may also want to consider the excellent reasons to retain, obtain, or convert a life insurance policy<\/a> after you retire. Take these factors into account and consult with your financial professional<\/a> before making a decision.<\/p>\n\n\n\n


Could you make use of your policy\u2019s cash value?<\/strong><\/h2>\n\n\n\n

If you have a whole life policy, you might want to utilize that cash in response to certain retirement needs. If you need extended care<\/a>, for example, you could explore converting the cash in your whole life policy into a new policy with an extended care rider. This might even be doable without tax consequences. If you need additional income, many insurers will let you surrender a whole life policy you have held for some years and arrange an income contract with the cash value. You can access the money, tax free, as long as the amount that is withdrawn is less than the amount paid into the policy. Remember that withdrawing money or taking a loan against a policy\u2019s cash value, naturally reduces the policy\u2019s death benefit.1<\/sup><\/p>\n\n\n\n


Do you receive a \u201csingle life\u201d pension?<\/strong><\/h2>\n\n\n\n

Maybe a pension-like income comes your way each month or quarter, from a former employer or through a private income contract with an insurer. If you are married and there is no joint-and-survivor option on your pension, that income stream will dry up if you die before your spouse dies. If you pass away early in your retirement, this could present your spouse with a serious financial dilemma. If your spouse risks finding themselves in such a situation, think about trying to find a life insurance policy with a monthly premium equivalent to the difference in the amount of income your household would get from a joint-and-survivor pension as opposed to a single life pension.2<\/sup><\/p>\n\n\n\n


Will your estate be taxed?<\/strong><\/h2>\n\n\n\n

Should the value of your estate<\/a> end up surpassing federal or state estate tax thresholds, then life insurance proceeds may help pay the resulting taxes and prevent the need for your heirs to liquidate some assets.<\/p>\n\n\n\n


Are you carrying a mortgage?<\/strong><\/h2>\n\n\n\n

If you borrowed to purchase your home or have refinanced and are carrying a mortgage, a life insurance policy may make sense. It could potentially relieve your heirs from shouldering some of or all that debt if you die with the mortgage still outstanding.2<\/sup><\/p>\n\n\n\n


Do you have burial insurance?<\/strong><\/h2>\n\n\n\n

The death benefit of your life insurance policy could partly or fully pay for the costs linked to your funeral or memorial service. In fact, some people buy small life insurance policies later in life to prepare for this expense.2<\/sup> Alternatively, you may seek to renew or upgrade your existing term coverage for permanent life insurance. Consult an insurance professional you know and trust for insight. <\/p>\n\n\n\n

Rich Ramsay may be reached at 651-429-3151 or rich@ramsaywealth.com.<\/p>\n\n\n\n

https:\/\/www.ramsaywealth.com\/<\/a><\/p>\n\n\n\n

This material was prepared by\nMarketingPro, Inc., and does not necessarily represent the views of the\npresenting party, nor their affiliates. This information has been derived from\nsources believed to be accurate. Please note – investing involves risk, and\npast performance is no guarantee of future results. The publisher is not\nengaged in rendering legal, accounting or other professional services. If\nassistance is needed, the reader is advised to engage the services of a\ncompetent professional. This information should not be construed as investment,\ntax or legal advice and may not be relied on for avoiding any Federal tax\npenalty. This is neither a solicitation nor recommendation to purchase or sell\nany investment or insurance product or service, and should not be relied upon\nas such. All indices are unmanaged and are not illustrative of any particular\ninvestment.<\/p>\n\n\n\n

Securities offered through JW Cole Financial, Inc. (JWC) Member FINRA\/SIPC. Advisory services offered through JW Cole Advisors, Inc. (JWCA). Ramsay Wealth Management and JWC\/JWCA are unaffiliated entities.<\/p>\n\n\n\n

Citations.<\/strong><\/p>\n\n\n\n

1 – Nasdaq.com, April 30, 2020
2 – Forbes.com, May 19, 2020<\/p>\n","protected":false},"excerpt":{"rendered":"

Some good reasons to retain it. Do you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":1233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[118,301,161,253],"tags":[325,306,140,163,215,324,328,327,322,323,170,285,326,73,277,213,162,210,141],"yoast_head":"\nKeep Your Life Insurance When You Retire - Ramsay Wealth Management<\/title>\n<meta name=\"description\" content=\"Learn about why you should keep your life insurance when you retire. 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