By the time you’re ready for retirement, most experts agree that you should already have a quality life insurance plan in place. Whether you go with a term life insurance or whole life insurance policy, life insurance is just like any other type of investment in that it should be purchased as early as possible. Before your retirement, life insurance is an essential source of financial stability should anything happen to you unexpectedly. It can replace lost income, pay off debt, help pay for your children’s education expenses, and add to retirement savings for your spouse. Few other investments can match that at the low price of life insurance.
After retirement, a good life insurance policy can continue to be a useful financial planning tool for your family. Not only can it provide a large inheritance to your beneficiaries, it could help pay off any debt you leave behind or take care of expensive real estate taxes. At the very least, life insurance will pay all of your final expenses, such as medical bills and funeral arrangements. No matter when you plan to retire, life insurance should play an integral role in planning for the future.