If you have people in your life who rely on you, or loved ones you want to ensure are taken care of should anything happen to you, life insurance is a worthwhile investment. Some people might question the value of peace of mind. It’s true, you’ll see no benefit of a life insurance policy while you’re alive – but that’s not the point of these policies.

Life insurance is traditionally intended to provide financial security for the people you love in the event of your untimely passing. However, modern life insurance options offer a diverse array of features and benefits to further enhance the value of the product.

Like all insurance polices, life insurance represents a contract between you and the insurance company. As long as you make premium payments, the insurance company guarantees a death benefit that will be paid to your beneficiaries in the event you die. Death benefits can be used to cover funeral costs, outstanding debts, funds for the education of children or replace lost income.

There are two primary types of life insurance:

Protecting loved ones is fundamentally the primary goal of life insurance. There are, however, some ancillary purposes some retirement savers may appreciate, like charitable giving via life insurance. In broad terms, life insurance is ideal for:

Virtually every adult can potentially benefit from life insurance, even ones who don’t have dependents. A life insurance policy can help families defray the cost of unexpected end-of-life expenses or ensure parents, siblings or any other beneficiaries or charities you care about receive funds in the event of your passing. However, the clearest and most obvious answer is you should invest in life insurance as soon as there are people who will suffer financially in the event of your untimely death.

Parents and adult children caring for older parents should strongly consider purchasing adequate life insurance for income replacement, debt elimination purposes and end-of-life expenses. Some types of policies make more sense at certain times in your life. For example, young, healthy workers in their 20s and 30s can receive generous term life policies with extremely low premiums.

If you’re interested in permanent life insurance as a part of your retirement plan, the earlier you start the longer the cash value of the policy will grow. You should also reexamine your life insurance situation after major life milestones, like having a child, purchasing a home, starting a new business or getting married.

Do You Have Questions About Life Insurance and How It Can Complement Your Retirement Savings Plan?

The team at Fullerton Financial Planning have extensive experience advising retirees and retirement savers on a variety of investment and savings vehicles – including life insurance. If you have questions about policies or are interested to learn how permanent life insurance can be incorporated into your plan, call our 

Why You Should Consider Life Insurance and When You Should Get It

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Why You Should Consider Life Insurance and When You Should Get It