Should You Have Life Insurance After Retirement?

There are many times when life insurance should be reconsidered or reevaluated. These times are sometimes referred to as pivotal moments - those instances when you’ve reached a turning point or a milestone, and when the foundation of your life changes. Having a baby, buying your first home, or even getting a promotion at work are just a few of these pivotal moments. Another of these moments is when you decide to retire.

Your retirement is most likely something that is well thought out, and it often seems like a long time coming. Life insurance, even though it may not be top-of-mind during this time, is something that should be considered or reconsidered carefully when you decide to retire. In part, this is because retirement can be a challenging stage in life, a stage that is often met with many changes in lifestyle, especially when it comes to day-to-day life.  And, these changes affect not only your expectations but the expectations of your loved ones as well. Life insurance, and whether or not you make changes to your life insurance policy, is one of the things you should evaluate when retirement is on your horizon. After all, retirement is well deserved and should be enjoyed to the fullest. Having your life insurance arranged the right way, for your specific situation, will help you enjoy your retirement worry-free.

What should you do with your life insurance policy when you decide to retire?

Many couples are counseled to cancel their life insurance policies as they enter into retirement. The school of thought in this scenario is that if retirement is well planned for, there would be no immediate loss of income for the surviving partner, should the policyholder pass away. While this is technically a true statement, it may be unrealistic for what many families experience. For many retirees, life insurance can make a big difference financially and emotionally if the life insurance policyholder passes away. There are many expenses that arise, such as funeral costs, that could be covered more easily by a life insurance policy. Even if you have a large estate and feel that your family would be financially covered when it comes to living expenses, what happens when that estate is left to surviving members of your family? Will they be able to afford the estate taxes and upkeep?  Life insurance helps protect your family against unforeseen costs, and provides financial assistance that can be used to cover the ongoing expenses associated with the inheritance of an estate. These are just two of the many reasons why keeping your life insurance throughout retirement is a wise decision.

What type of life insurance is best for someone who is about to enter retirement?

First, you should know that there are two primary types of life insurance policies - term life insurance and permanent life insurance. Additionally, variations of each type of life insurance policy are often available. Permanent life insurance policies are built to run from the time of purchase until the event of death, regardless of age. Term life insurance policies are cheaper, but only cover a specific time period - for example, from the time of purchase until the event of death, or 30 years after purchase. That means that many term life insurance policies often expire by the time that retirement hits, although that doesn’t necessarily have to be the case. There are pros and cons to both types of life insurance, and your family’s unique situation should determine the type of life insurance coverage that you need.

Permanent life insurance policies often have an investment portion, so your policy has the potential to accrue some cash value through the savings or investment component, and with some permanent life insurance policyholders are able borrow against the policy, in the event that a large expense occurs. However, these types of life insurance policies often have more expensive monthly premiums, which can be a deterrent for some people. Term life insurance policies have no additional investment component, and many people who purchase term life insurance do not plan to continue using their particular plan by the time they reach retirement age.

Although having life insurance during retirement is a personal choice, and many factors go into the consideration of maintaining a life insurance policy through retirement, the truth is that you can’t afford not to be covered. That may be a cliche, but it’s true nonetheless. Especially during the retirement phase of life, many people come to realize that family is the most important part of life, and ensuring their financial stability in the event of death is of the utmost importance. Life insurance can’t provide happiness, and in no way is life insurance meant to replace you as a person. However, life insurance can provide peace of mind for you and your significant other as you enter retirement.

There are many steps that must be taken when it comes to retirement planning. However, it’s the act of planning that is key. When you near retirement, you take an analytical view of your financial investments such as 401(k) and other funds, your assets such as your home, your daily expenses, and more. Also, you should be considering non-financial factors as well, such as your health, your lifestyle, and your plans for the future. All of these things and more should factor into your retirement planning, but you should also speak with a professional life insurance representative. With the help of a PivotCare team life insurance professional, you’ll be able to determine the type of life insurance policy that’s best for you, and the variations of the policy that fit your specific situation. And, if you already have a life insurance policy that covers you through retirement, a review of your life insurance policy during this stage of your life is imperative to ensure that you aren’t paying too much toward a policy you don’t need - but that your family’s future is financially secure after your passing. Retirement for many is often referred to as the greatest years of one’s life. Having adequate life insurance can help you truly enjoy your retirement years to the fullest.

Should A Promotion Mean a Change in Life Insurance Policy

Life insurance isn’t always top of mind for many of us, and why should it be? Life insurance is typically one of those things that you don’t want to think about on a daily basis, but it’s important nonetheless. Even though life insurance isn’t something that most people think about every day, it is something that should be considered during life’s pivotal moments.

What are life’s pivotal moments, exactly?

These moments  are the occurrences that change your lifestyle and the makeup of your day-to-day life. For example - buying your first home, getting married, earning a promotion, and having a baby - those are all pivotal moments in life that change your future. And, those are the moments that life insurance is made for.
 

When you receive a promotion at work, there’s cause to celebrate your accomplishments. But, after the celebrations end, it’s time to think about your life insurance options. After all, you have undoubtedly worked extremely hard to get where you are in your career. Your work ethic and dedication is likely what led you to the promotion you earned. So it only makes sense that you safeguard your earnings with your life insurance policy.

Any time your income changes, it is imperative that your life insurance policy changes as well. And, if your income is the primary household income, it’s even more important to make sure you secure your family’s future with life insurance. After all, being a provider for your family means safeguarding them even if you pass away. It may be hard to think about a time when you can’t be there for your family, but it would be worse if your family didn’t have financial coverage in the event of your passing. Making sure you have the right life insurance policy now could save lots of heartache in the future.

There are several types of life insurance policies available, so it’s best to consult with a life insurance professional to determine the right type of life insurance policy for you and your unique situation. Permanent life insurance policies cover from the time the policy is purchased until the end of the policyholder’s life, regardless of age. Term life insurance policies are sometimes less expensive than permanent life insurance, but term plans only cover a specific time period, such as 30-years from the time of purchase. You should also consider how much life insurance is right for you and your family. Although each family’s needs are unique, there is an industry standard.  At minimum, you should have enough life insurance to replace a minimum of five to seven years of your salary, plus your other living expenses such as your mortgage.

If you just received a promotion at work, or if any other pivotal life moment if coming your way, it’s time to consult with a PivotCare team professional. You’ll be set up for success with the right life insurance policy for your lifestyle and budget - but you must start the conversation today.

Til Death Do You Part - Plan For the Future of Your New Marriage with Life Insurance

You may not think much about life insurance when you’re in your single days, but what about when you find “The One”? When you’re ready to trade in living single for getting married, life insurance should be one of the things you plan for - right along with the rest of your wedding. Wedding planning can bring on a lot of tasks. There’s the ceremony to plan, the cake, the music, the honeymoon, and much, much more. Not to mention, you’ll be combining all of your belongings with your spouse’s. When you start a life with someone else, it’s understandable that there will be a lot on your mind... and on your to do list. But, neglecting the purchase of life insurance should not be put on the back burner.

For many people, marriage is the first time that they will take on responsibility for the well-being of another person, so it’s a great time to think about purchasing life insurance. As you’ll likely state in your marriage vows, you’re promising to care for your partner in sickness, health, and even after death. Life insurance may not be the most exciting thing to think about when you’re getting married, but a life insurance policy is something that can give you peace of mind and make living your life together that much easier.

Life insurance gives you the ability to provide for the people you love the most. In the unthinkable event of your passing, the right life insurance coverage will be absolutely crucial to your family’s future well-being. Think about it this way: isn’t providing for someone else one of the best ways to show that you love them? That’s why having life insurance is so important when you get married.

Just like your relationship with your significant other, your life insurance policy will be unique. Life insurance plans have the ability to be customized, so your plan can fit your lifestyle and future plans. As you consider what your life insurance needs are, you can work with a Pivot Care Team Insurance professional who understands your current situation and your future plans for your loved ones.

There are some basic elements of life insurance that everyone needs to know. There are two main types of life insurance policies, and you can personalize each type of life insurance policy based on your needs. Permanent life insurance policies cover you from the time the policy is purchased until the end of the policyholder’s life, regardless of age. Term life insurance policies are often less expensive than permanent life insurance policies, but term plans only cover a specific time period. For example, a term life insurance policy might cover the time from purchase to age 65. Term policies usually get increasingly costly with age, so younger policyholders usually purchase the longest term available because they can lock in a lower monthly premium.

Next, you’ll want to consider how much life insurance is right for you and your new spouse. Although each person’s needs are unique, an industry standard is that you should consider purchasing enough life insurance to replace a minimum of five to seven years of your salary. However, you may have other financial obligations you’re responsible for - such as the purchase of your first home, a car payment, or student loans. So, if your goal in purchasing life insurance is for your spouse to have no financial concerns if something were to happen to you, you need to make sure you have enough coverage. Of course, it’s best to consult with a Pivot Care Team Insurance professional to determine what coverage is appropriate for you.

Also, it’s important to note that life insurance isn’t just for the primary breadwinner in a new marriage. Many people often think that only the person with the larger income needs to purchase life insurance - but they couldn’t be more wrong. Life insurance is for everyone. In a new marriage, two lives are merging and many assets are being combined. So, it only makes sense that both individuals can benefit from the security that a life insurance policy provides.

Just like a marriage, there is not a one-size-fits-all approach to life insurance. It’s a wise decision to work with a life insurance company that understands where you are in life and what you and your spouse want for your future. Give us a call and a Pivot Care Team Insurance professional can help get you started.

Pivot® Life Insurance Marketplace Unveils New, Consumer-Driven Website

The life insurance marketplace, much like health insurance, has become an open exchange.
Consumers are actively researching options and looking to companies that are willing to
provide solutions that are individually customized and unique to meet specific needs. Pivot has
answered this call with a new website that offers information and direct access to life insurance
options and knowledgeable professionals.

“Life insurance should be viewed as an ever-changing part of your life. Each big change in your life affects your life insurance coverage. At Pivot, we call these changes Life’s Pivotal Moments,” said Brian Carroll, CLU; President and CEO of Pivot.

Carroll is a licensed insurance agent and has been in the life insurance business for 30 years,
working in many aspects of customer care. His experience led him to the conclusion that
insurance options should be presented more socially, truly connecting the when and why
life insurance may be needed. This casual, consumer friendly approach gives Pivot clients the opportunity to learn about insurance, think through their situation and talk to a PivotCare Team professional about options to meet their The new Pivot life insurance website, http://www.pivot.com/, offers an “insurance made simple”
concept. The site is consumer friendly and provides a variety of information written by the
Pivot staff. These pieces about Life's Pivotal Moments, including starting a family, marriage,
graduation, promotion and retirement, among others, allow clients to better approach their
options and needs. The PivotCare Team is available by phone, social media or email, and
clients are encouraged to start a discussion about their life insurance coverage needs, not just
purchase a policy.

“Life insurance gives people security and peace of mind about the future, allowing them to
move forward enjoying life with fewer worries and concerns,” added Carroll.

The Pivot life insurance website, www.pivot.com, provides a wealth of information for those
interested in a life insurance policy. A needs assessment calculator and cost estimator are also
available on the site along with a life insurance quote tool and immediate access to a PivotCare
Team Professional.