Pinehurst NC Retirement – Many people think life insurance is only for young couples. While a life insurance policy is an important vehicle to help protect a young family’s financial future should one parent pass away, that’s not the only time in life when financial protection matters.

Older couples can benefit in many ways from maintaining life insurance policies throughout retirement. First and foremost, death benefit proceeds can be a vital source of income to help replace pension or Social Security benefits lost along with the loved one.


In addition, many of today’s policies feature cash value withdrawal options, often referred to as “living benefits,” that can serve as an emergency fund, supplemental retirement income and/or assistance to help pay long-term care expenses later in life. For example, a long-term care rider may be part of the policy or available for an additional fee. Some contracts also offer terminal illness benefits, which pay out a portion of the policy’s death benefit if the policy owner is diagnosed with a terminal illness or cognitive impairment. Keep in mind, however, that these early payouts will reduce the available cash value and death benefit. Also note that the guarantees and protections provided by life insurance products rely on the financial strength and claims-paying ability of the issuing insurance company.

Another way to use life insurance is to leverage assets for a larger inheritance for loved ones. If you have any questions or concerns about how life insurance can play a role in your retirement, please call our office. We’ll be happy to set up a time to visit.

Living benefits are available in the form of accelerated death benefits. These benefits are not a replacement for long-term care (LTC) insurance and may be subject to eligibility requirements. Living benefits, LTC riders and terminal illness benefits are not available on all life insurance products. Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender charges.

Life Insurance for Retirees