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Schwartz Financial Associates, Inc

 

701 Route 73 North Suite 6, Marlton, NJ 08053

Phone: (856) 216-0390

 

Website: www.schwartz-financial.com

July/August 2019

Reasons to Consider Owning Life Insurance in Retirement

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If you are retired and your children are on their own, you may believe that you no longer need much life insurance* anymore. Then again, your life insurance benefits could continue to help you and your loved ones for years to come. Let’s count the ways:


1. Provide Supplemental Income
If you’ve owned a whole life insurance policy for years, most likely it has built-up cash value, which you can tap as an extra source of income or use to continue paying premiums.


2. Pay Off the Mortgage
The life insurance death benefit might be enough to allow a loved one to live in your home mortgage-free after you’re gone.


3. Replace Your Income
It’s not uncommon to see older Americans returning to the workplace because they need the money or enjoy having the extra cash. Your life insurance death benefit can help replace this extra source of income for your survivors.


4. Leave a Legacy
You can be cash-poor and still leave a financial legacy to loved ones or a favorite charity via a life insurance benefit.


5. Equalize Your Estate
If you own a business and you have a child who will take over, life insurance can help equalize your estate for those children not involved in the business.


6. Accelerate Death Benefits
Many policies have what is called an accelerated death benefit. Should you become terminally ill, you may be able to withdraw a portion of your death benefit in cash. Other rules and restrictions apply.


7. Help Pay for Long Term Care
Some life insurance policies include a rider at additional cost that allows you to withdraw a portion of the death benefit to pay for long term care costs.


8. Pay Final Expenses
Policy death benefits can be used to cover funeral and other final expenses.


*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium is paid. The cash value depends upon the type of product, the face amount, the time in force and length and amount of premium payments. The withdrawals you make or any outstanding loans or loan interest you have will then simply be accounted for in the payout of your policy’s death benefit.


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Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity.
Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor.  Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
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