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Reasons to have Life Insurance in Retirement PDF Print E-mail

Life Insurance Benefits - During retirement

After retiring, life insurance continues to be a useful financial planning tool that among other things can:

  • Pay final expenses.  Life insurance proceeds bypass the probate process, rapidly providing much-needed cash for funeral arrangements and final medical bills.
  • Retire debts.  Today's retirees generally have more debt than earlier generations.  Life insurance can relieve survivors from these burdens.
  • Replace pension income.  If your civilian or military retirement income will stop upon your death, life insurance can help replace it.
  • Equalize inheritances.  If most of your estate is in an asset that's hard to divide-such as a private business or real estate-you can use life insurance to equalize what you leave to your heirs.
  • Pay estate taxes.  While the federal estate tax is scheduled for repeal in 2010, it will return in 2011 and tax estates valued at over $1 million. 
  • Enable charitable bequests.  You can name a charity as a beneficiary of your life insurance policy, creating a legacy and helping others.
 
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